Cyber Liability Insurance
Cyber liability insurance is a type of insurance that protects businesses from legal liability for data breaches and cyber attacks. These types of incidents can result in significant financial losses for businesses, as well as damage to their reputation and customer trust.
There are several key benefits to cyber liability insurance:
- Financial protection: Cyber liability insurance can help to cover the costs of responding to a data breach or cyber attack, including legal fees, notification and credit monitoring services for affected individuals, and public relations expenses.
- Data Breach Coverage: In the event your company suffers a data breach, you are, by law, required to notify affected parties. Notices need to be drafted by appropriately qualified lawyers, printed and sent out by physical mail. Expensive computer forensics are generally required to identify the source and nature of the loss. Affected individuals often demand credit monitoring services or an equivalent in order to minimize the risk of identity theft. The costs can add up quickly. Cyber Liability Insurance can help mitigate these losses.
- Business Interruption Loss Reimbursement: Cyber attacks can cause an IT failure that disrupts your business operations, from computer viruses to Credit processors going offline, these disruptions can cost your organization both money and time. Cyber Liability Insurance may cover loss of income, plus increased costs to business operations may also be covered.
- Cyber Extortion Defense: Ransomware and other malicious software are designed to steal data, or access, from organizations and then ransom it back for a steep fee. There attacks involve the theft of key data, but they can also involve taking over your company website. Cyber Liability Insurance can help recoup these losses.
- Forensic Support: Some Cyber Liability Insurance policies offer 24/7 support from cyber specialists which help you investigate the extent of a breach after an attack, many will also reimburse the insured for the cost of these services.
- Legal Support: Legal assistance can be costly, but in the wake of a cyber breach many businesses see no other option than to seek legal support. Cyber Liability Insurance can help you afford the proper legal work you require after a cyber attack.
- Risk management: Cyber liability insurance can help businesses identify and mitigate their cyber risks, by providing risk assessment and management services and training on cyber security best practices.
- Reputation protection: Cyber liability insurance can help businesses protect their reputation by covering the costs of responding to a data breach or cyber attack and managing the public relations fallout.
Businesses of all sizes and types may want to consider cyber liability insurance, particularly those that handle sensitive customer data or that are at higher risk of cyber attacks. This includes businesses in industries such as healthcare, finance, and retail, as well as those that operate online or rely heavily on technology.
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According to the FBI's Internet Crime Complaint Center, there were over 600,000 cyber crimes reported in the United States in 2020, resulting in losses of over $3.5 billion. The most common types of cyber crime include:
- Phishing scams: These are fraudulent emails or messages that are designed to trick individuals into disclosing sensitive information, such as passwords or financial account numbers.
- Ransomware attacks: These are attacks in which a hacker holds a victim's data or systems hostage until a ransom is paid.
- Malware attacks: These are attacks in which malicious software, such as viruses or Trojans, is used to gain unauthorized access to a victim's systems or data.
- Denial of service attacks: These are attacks in which a hacker floods a victim's website or server with traffic, making it unavailable to legitimate users.
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6 things you can expect to be asked when your business applies for cyber insurance
In less than 9 years, ransomware attacks are predicted to attack and encrypt businesses or devices every 2 seconds. In 2021, the average ransom payment was $812,000 and 46% of businesses who had their data encrypted paid the ransom according to CybersecurityDIVE. For technology-based industries this number is even higher with 83% of companies paying the ransom.