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Specialty lines insurance product intended to protect businesses, and individuals providing services for such businesses, from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related to cyber threats.
Cyber insurance generally covers your business’s liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and health records
A data breach can damage more than just your small-business computer system– it also can damage your reputation and put your customers and/or employees at risk. That’s why cyber insurance can be a smart precaution for any size business.
Who needs a cyber liability insurance policy?
Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records, or credit card information needs Proper coverage
Also, any third party who handles your confidential data and information, such as an accountant or IT service, should have their own insurance policy. Be sure to get proof of coverage before hiring them.
As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries
What Does Cyber Insurance Cover?
• Cyber insurance is as dynamic as the companies it protects and is consequently far from standardized. However, some of the issues that CLI typically covers include: Notifying customers about a data breach
• Restoring personal identities of affected customers
• Recovering compromised data
• Repairing damaged computer systems
First-party coverage– Covers damages that you and your business suffer because of a data breach. This can include things like investigative services, business interruption coverage, and data recovery.
Third-party coverage– Covers damages if your customers or partners are affected by an attack on your business. This can include legal fees, settlement costs, security failure, and media liabilities.
How Much Does Cyber Insurance Cost?
Different factors can impact your business insurance cost. So, your costs will likely be different from other businesses. Your data breach or cyber liability cost can depend on your:
• Number of customers, clients, or patients
• Type of sensitive data and information you store
• Revenue.
• Claims history.
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