As you probably know, cyber attacks are becoming more common every day. Diligent business owners often choose to purchase cyber liability coverage to protect their organizations from damages due to hacks and other cyber threats. Since this type of insurance is relatively new, you might wonder what such a policy covers. Typically, there are two types of cyber insurance. After consulting with an experienced agent, your company may decide to purchase one or both.
With this type of coverage, you protect your company from direct cyber attacks on both your business and your clients. If you have first-party coverage, depending on the policy, you may receive assistance with the following:
Forensic investigations to determine the source of the hack
- Notification costs
- Cyber extortion reimbursement
- Customer credit monitoring
- Other immediate services
The other type of cyber liability coverage protects businesses from lawsuits that arise following a data breach. If your organization purchases this level of coverage, you can usually expect the following:
- Payment of judgments and settlements
- Employee privacy protection
- Electronic media coverage
In this era of constant cyber attacks, no company is immune. If you want to take a proactive step to protect your business organization from cyber threats, you might consider purchasing cyber liability coverage. With the right policy, you can likely protect both your organization and your clients.