Cyber Liability Insurance
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Cyber Liability Insurance Information
Technology plays an essential role in most modern businesses. It can be used to communicate, process sales or store vast amounts of confidential information. While these systems may improve efficiency and convenience, they are also susceptible to cyber attacks and data breaches.
Having cyber liability insurance can provide essential coverage for these unfortunate incidents. The agents at Johl & Company in Westwood, New Jersey, can help you get the right policy for your business’s needs. Contact us today for details.
What Is Cyber Liability Insurance?
Cyber liability insurance can provide financial assistance after a cyber attack, data breach or other event that results in data loss. Even with rigorous cyber security systems, businesses are still vulnerable to these situations. When this happens, you may responsible for paying for associated damages, fees and fines. Having cyber liability insurance may help mitigate these risks and reduce your business’s out-of-pocket burden.
What Does Cyber Liability Insurance Cover?
Cyber liability insurance policies may offer coverage for several events, such as the following:
- Computer system failures
- Data breaches
- Accidental releases of confidential data
- Malicious destruction of data
- Phishing emails
- Cyber attacks such as malware and ransomware attacks
These and other cyber security incidents can significantly impact both your clients and your operations. Cyber liability policies may provide financial assistance to:
- Notify impacted parties about the data breach. Laws may require these notices.
- Provide crediting monitoring services for parties at risk of identity theft.
- Cover lost income due to the business interruption caused by the incident.
- Recover lost data.
- Repair reputational damage through public relations and crisis management.
- Cover cyber extortion–related expenses.
- Identify the cause of the data breach or cyberattack.
Additionally, cyber liability insurance may help pay for legal costs related to third-party lawsuits stemming from a cyber attack or data breach. This may include coverage for defense costs, settlements and judgments.
Consult with your agent regarding policy terms, limits and exclusions to obtain the policy that best suits your business’s needs.
Contact Us to Get Cyber Liability Insurance
The experienced professionals at Johl & Company can help you get the optimal cyber liability insurance policy for your business. Contact us today for more information or a quote.