Understanding How Cyber Liability Insurance Will Protect You And Your Business
In an increasingly technological age, more and more information is being stored digitally. While this is good news in reducing paper waste and the need for more and more filing cabinets, it also creates greater opportunities for cyber attacks.
Protect your business against the repercussions of such attacks with cyber liability insurance. This type of coverage will protect you against the significant expense associated with identifying and fixing a security breach, as well as protecting and repairing your business after such an attack.
Cyber liability insurance includes both first party coverage, which covers damages to your network, website, and business income, and third party coverage, which covers your legal liability towards others as a result of the attack.
More specifically, your first party coverage will cover costs associated with breach management expenses, such as the forensic investigation to determine the extent of the breach, services needed to repair your company’s good name, and costs of notifying those whose information was compromised by a security breach. It also includes coverage against network extortion, providing means to negotiate and settle with an attacker who threatens to destroy or publicize your data. Finally, your first party coverage includes reimbursements for the net loss of income as a result of the attack.
The third party coverage begins with protecting you against liabilities for your system’s inability to prevent the transmission of a virus, as well as liability for unauthorized access to the information you had stored. It offers coverage for claims arising from state or federal enforcement of privacy regulations, plus website communication and media liability coverage. This will protect you against charges of slander or any trademark infringements on your website.
Cyber attacks can be crippling, if not life threatening, for businesses. Protect your hard work with cyber liability insurance. To get the best protection for the most competitive pricing, contact The DiForte Agency, serving Staten Island and the surrounding New York metropolitan area, today!