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Getting hacked isn’t just a hassle. It also poses a potentially huge and unexpected cost to your business. Cyber liability insurance is a specialized policy that helps cover many of the risks your business faces from an information breach—and may even cover some risks you might not have thought of.
A cyber liability insurance policy may help you to cover the expenses associated with a cyber-attack. Additionally, some commercial cyber liability policies may cover loss of business while your systems are compromised or unavailable. You may even be able to get coverage against inadvertently breaching somebody else's copyright.
What happens during cyber-attacks matters, but the consequences after that are what really make an impact on your business, as well as your customers. What your business does in reaction to the data breach may lead to a hefty, unexpected cost for your business. Not to mention dealing with the aftermath of a cyber-attack could close your business temporarily, which could result in a loss of income. A number of action steps must be taken once your business has experienced a cyber-attack and breach of data. These steps include:
In addition to protecting your business against cyber risks financially, obtaining cyber liability insurance may also help reduce potential risks. Insurers may walk through your current cyber-defenses and identify potential weaknesses that you need to fill in. By bolstering your cyber security, you may be able to help prevent data breaches from happening in the first place.
Need cyber liability insurance for your business? Contact us to go over your business needs and coverage options.