Cyber Liability Insurance

Cybersecurity must be a top priority in an era when many workplaces have integrated technological solutions into their daily operations. Interconnected devices and sensitive data may create tempting targets for cybercriminals and even unintentional cyber incidents or those lacking malice may incur significant losses. With these stakes in mind, your organization should understand, acquire and maintain adequate cyber liability insurance. 

What Is Cyber Liability Insurance? 
As its name suggests, cyber liability insurance is a type of coverage capable of casting a versatile safety net across various cyber risks and exposures. In response to data breaches or other cyber incidents, an adequate cyber liability insurance policy may play a critical role in limiting your out-of-pocket financial losses while helping you to manage the aftermath of the situation and recover as smoothly as possible. 

What Does Cyber Liability Insurance Cover? 
Although the exact details of your cyber liability insurance policy may vary, this type of coverage is typically capable of providing financial assistance for the following: 

• Breach response costs—This may include hiring digital forensic investigators and notifying affected parties.
• Hiring outside help—If you require a crisis management team, public relations firm or credit and fraud monitoring services, your insurance may render financial aid.
• Restoring losses—If a cyber incident has compromised your systems or data, this coverage may help pay to restore them.
• Ransomware payments—If a cybercriminal holds your data hostage or threatens to release sensitive information, this coverage can help you pay their demands.
• Legal expenses—This part of your policy may help you recoup losses related to compliance fines or lawsuit-related costs (e.g., attorney fees and settlements) following a cyber incident. 

Who Needs Cyber Liability Insurance? 
Nearly all organizations should strongly consider acquiring and maintaining a robust and versatile cyber liability insurance policy in the modern era. Even if you are diligent in implementing strong cybersecurity measures, a single lapse in attention or error in judgment could lead to significant losses, and lacking adequate coverage could jeopardize your organization’s finances and future. 

Get the Right Coverage 
At Arbutina Insurance Group, we have the knowledge and experience to help your business assess and address its cyber liability coverage needs. Contact us today to learn more.