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Cyber Liability Insurance

Cyber Liability Insurance Insight  |  Liability Policies Often Exclude Cyber Coverage

From the content you put on your website to stored customer data, your cyber exposures are vast. Unfortunately, a traditional business liability policy is extremely unlikely to protect against most cyber exposures and typically explicitly excludes such coverage.

[Did you know?] The current Canadian insurance market offers good value to first-time buyers of cyber liability coverage.

Targeting You & Your Clients’ Information – ANY Organization Is At Risk
Hackers, thieves and other unauthorized individuals are now adept at exploiting weaknesses in corporate computer systems, whether through traditional hacking methods or social engineering. A cyber attack could bring normal business activities to a standstill. Damage could be caused by:

  • A malicious code that renders your website unusable
  • Distributed denial of service (DDoS) attacks that cut off access to your website
  • Viruses or worms that attack and delete critical business information

Affordable Cyber Liability Insurance For Every Size Of Business
If your data is compromised and normal operations are halted, cyber liability insurance can help pay for interruption related expenses such as:

  • Lost income due to the event
  • Profits that would have been earned had the event not occurred
  • Rented or leased equipment
  • Operating expenses, such as utilities, that must be paid even though business has temporarily ceased

Cyber liability insurance also helps to protect your business from:

  • Data breaches, including costs for customer notification, some legal costs and credit monitoring for those affected
  • Damages to third-party systems if, for example, an infected email from your servers crashes the system of a customer or vendor
  • Data or code loss due to a natural disaster or malicious activity. Physical destruction of equipment is covered under a different policy
  • Cyber extortion, including ransomware, which is malicious code installed into a computer on your network that prevents you from accessing it until a ransom is paid

ALIGNED Cyber Liability Insurance  |  1-866-287-0448
Cyber liability insurance, privacy coverage and proactive cyber risk tactics are all part of a comprehensive risk management strategy. Talk to us about the best cyber solutions.

Source: IRMI  

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