Some businesses operate under the belief that their existing insurance policies are enough to cover their data security exposures. Unfortunately, many policies address only specific exposures with dedicated limits that don’t extend to the full extent of data security breach exposures the way a true Cyber Liability policy does.
If your business handles sensitive customer data such as credit card or bank account numbers, data breaches pose a serious threat to your financial stability. Cyber Liability Insurance protects businesses against the expenses associated with a data breach.
The results of a data breach can be very costly. You could face legal fees, settlements, and other court related costs. In addition, your business will have to notify your customers of the breach and provide them with credit monitoring services.
Most business insurance policies do not cover computer fraud by a third party or the liability arising out of a cyber-attack. The good news is solutions are available.
Cyber liability insurance can be added to your insurance program to cover the costs associated with customer notification and recovery of hacked data.
Keep in mind that if you store data, including private information on computers, generate revenue online; or use your computer to control production, manufacturing, or inventory, your company is at risk!
Let us help protect you and your business against costly data breaches. To learn more about the solutions we can provide to help protect your business financially, contact one of our Cyber Liability Insurance experts at 210-499-5050.