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The Importance of Purchasing Cyber Liability Insurance

In today’s technologically-based economy, businesses of all sizes should never go without cyber liability insurance from Martin Financial Services if they deal with any type of sensitive electronic information. Along with the convenience of online-based information comes a large risk of losing sensitive data due to security breaches and other related cyber problems. Businesses that lack the protection of a cyber liability insurance policy face a huge risk if their client or employee data is stolen or compromised in any way.

Common Coverage Options

While there are many different cyber insurance policies to choose from, many include the following types of coverage:

  • Regulatory penalties and fines
  • Notification of individuals or parties affected by data breaches
  • Forensic investigations
  • Credit monitoring for clients
  • Third-party claims
  • Legal defense costs

Some cyber liability insurance policies may also include PR costs so that businesses can combat negative press coverage and damage to their reputations following a cyber-attack or loss of sensitive data.

Hackers Don’t Discriminate

You may think that your company is too small to warrant the extra cost of cyber liability insurance coverage, but the truth of the matter is that hackers don’t usually discriminate based on size. Instead, they will look for a weak spot in a company’s armor and exploit it. In today’s electronic society, businesses of all sizes and types would be wise to take advantage of available cyber liability insurance policies offered by Martin Financial Services.