What is Cyber Liability Insurance?
Cyber Liability Insurance is a form of commercial insurance that protects businesses from financial loss in the event of a third-party-related cyber-attack or data breach. It offers protection against legal expenses, forensic investigations, notification costs, credit monitoring, and financial damages.
Advancements in technology and the internet mean an average business will see a 200% increase in cyber security threats over the next few years. If they aren’t prepared, these can quickly spiral out of control, damaging or disrupting operations and leading to serious financial implications. Therefore it is vital for businesses to make sure they have adequate Cyber Liability Insurance in place to protect them against the threat of cybercrimes, data breaches and privacy issues.
Why do I need Cyber Liability Insurance?
As a business owner, you are responsible for the data and systems of your company. If these are compromised or stolen as the result of a cyber-attack, you could be held liable. With this coverage in place, you can rest assured knowing that you are protected against the resulting financial loss.
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