Cyber liability insurance is a type of insurance that protects businesses from the financial losses that can result from a data breach or other cyber attack. This type of insurance can cover a wide range of expenses, including:
Notifying customers about a data breach
Credit monitoring for affected customers
Legal fees and settlements
Repairing or replacing damaged computer systems
Lost business income
Cyber liability insurance is becoming increasingly important as the number of data breaches and cyber attacks continues to rise. In 2022, there were over 18,000 data breaches reported, exposing the personal information of over 150 million people.
If your business stores or collects sensitive data, such as customer PII or financial information, then you should consider purchasing cyber liability insurance. This type of insurance can help protect your business from financial ruin in the event of a data breach or cyber attack.
When shopping for cyber liability insurance, it is important to compare quotes from different insurers. You should also make sure that the policy you choose covers the specific risks that your business faces.
Here are some tips for choosing cyber liability insurance:
Compare quotes from different insurers.
Make sure the policy covers the specific risks that your business faces.
Make sure the policy has a high enough limit to cover your potential losses.
Read the policy carefully before you purchase it.
Cyber liability insurance is an important way to protect your business from the financial risks of a data breach or cyber attack.