Cyber

Liability Insurance

Cyber liability insurance is more important now than ever. All businesses, big and small, should consider having cyber liability insurance in case of a data breach, ransomware, and other cyber attacks at your company. There are two sides to most cyber liability including first- and third-party policies.

Difference between first- and third-Party Liability

First-Party Liability

This refers to damages your business may sustain including coverage for claims arising from the following: 

  • Computer Fraud
  • Funds Transfer Fraud
  • Forgery and Alteration
  • Data restoration and/or regeneration
  • Crisis Management Even Expenses
  • Notification Expenses
  • E-commerce Extortion
  • Business Interruption & Additional Expenses
Third-Party Liability

This refers to damages your business may sustain including coverage for claims arising from the following: 

  • Loss of data
  • Failure to provide notification of a breach
  • Transmission of computer viruses
  • Copyright infringement
  • Plagiarism
  • Defamation
  • Libel & Slander in electronic content
  • Actions imposed by governmental authorities

Ask Yourself

If you don’t currently buy cyber liability coverage, how are you mitigating your exposure to the following daily encounters?
  • Online banking
  • Writing checks
  • Automatic drafts coming out of your checking account
  • Online promotions
  • Company social media accounts and content
  • Confidential employee data
  • Customer credit cards and personally identifiable information
  • Employee computer and network access
  • Mobile technology (smartphones, laptops, tablets)
  • Email scams and phishing
  • Security of third-party vendors
    • Ultimately, you’re responsible for your data.
  • Social engineering threats (trickery used to get you to voluntarily part with funds)
    • NOTE: Voluntary relinquishment of funds is generally excluded on your crime coverage.

Check out our blog on Social Engineering to learn more about how you can protect your business! 

To learn more cyber liability insurance and why it’s important, contact us or fill out our quick and easy quotes form today!

Not ready to purchase cyber insurance? Check out this blog to learn more about products you should consider using to protect your money.