Who needs Cyber Liability coverage?
Today it’s not just large business that are risk. If you use technology or the internet, Cyber Liability coverage mitigates risks if your business does any of the following:
- Process credit or debit card transactions
- Bank and conduct business online
- Use computers or smartphones
- Store employee or customer information
- Have employees who use their own devices (phones, laptops, etc.)
- House confidential medical/financial data
Why is Cyber Liability coverage critical?
Cybercrime impacts businesses big and small, and has a significant impact on revenues. The FBI noted businesses lost $3.5 billion due to internet crime in a 2019 report.* By 2021, experts project the cost to top $6 trillion, and small businesses are a major target.**
One of the big myths is that only large corporations are the target of cybercrime. A Forbes article reports that 58% of cyber-attack victims were small businesses, according to a 2018 Verizon Data Breach Investigations Report.**
The intrusion could happen as part an email phishing scam, a hacker breaching your network or data loss from a stolen device. Anytime technology – yours or your employees – is involved with your business, it opens the door to risks, many of which are increasingly costly and difficult to mitigate.
What does Cyber Liability insurance cover?
You can tailor this type of coverage based on your business needs. It protects your business against losses related to internet scams, data breaches or cyber-attacks like malware and viruses that penetrate your systems. Coverage can include losses for you and your business, as well as damages to partners or customers.
Policies protect your business with losses due to:
- Data recovery
- Business interruption
- Customer notification
- Identity restoration
- Data recovery
- Legal fees
* 2019 Internet Crime Report, Federal Bureau of Investigation, 2019
**Cybercriminals Have Your Business In Their Crosshairs And Your Employees Are In Cahoots With Them, Forbes, 1/31/2019