With stories of hacker attacks and security breaches flooding the news on a regular basis, it’s no wonder that Cyber Insurance demand has increased in recent years. Even the most trusted companies are falling victim to cyber attacks. When it comes to cyber security, there is no such thing as being too prepared because all it takes is one cyber attack to shut down a business.
The costs associated with a cyber attack are extensive. Some of the costs may include legal team fees, forensic expenses (to determine the point of entry), mailings to affected clients, call center set-up for affected clients, credit monitoring, secondary liability expenses, cleanup costs, etc.
While major companies have been purchasing cyber liability insurance for years, more small and medium-sized businesses have been investing in this coverage recently. Cyber Liability coverage can provide both First and Third Party coverage for numerous classes of business.
First Party and Third Party Coverage:
First Party Protection coverage can include Loss of Digital Assets, Non-Physical Business Interruption, Extra Expense, Cyber Extortion, Cyber Terrorism, and Security Event Costs.
Third Party Protection coverage can include Network Security and Privacy Liability, Employee Privacy Liability, and Electronic Media Liability.
For more information about Cyber Liability Insurance, contact one of our insurance specialists at (516) 431-9100.