Cyber Liability Insurance
We live and work in a digital world. Nothing is hack-proof. That’s why it’s never been more important to protect your business with Cyber Liability insurance. Your business and customer data can be breached at any time, resulting in a serious financial problem.
Cyber Liability insurance can protect you against the costs that result from a data breach, including legal fees, judgments and settlements and other court-related costs. When a business has been attacked, there’s also a responsibility to provide credit monitoring services to customers and others affected, as well as any type of public relations expenses. Cyber Liability insurance can cover your needs when these incidents happen.
Cyber Liability 101
Cyber Liability can be set up as a stand-alone policy or added to some other types of business liability coverages. There are two types of Cyber Liability coverage (you may choose one or both):
First-party coverage offers financial compensation to help you address your business needs. Coverages may include:
- Notification of affected customers and employees
- Legal and forensic costs associated with determining whether a breach occurred
- Crisis management and public relations
- Good faith advertising
- Business interruption expenses
- Cyber extortion reimbursement for perils including credible threats to introduce malicious code; pharm and phish customer systems; or corrupt, damage, or destroy your computer system.
Third-party coverage protects you in the event of a lawsuit brought by a customer or partner for a data breach.
- Monitoring of customer credit, fraud, public records, and other information as needed
- Judgments, civil awards, or settlements you're legally obligated to pay after a data breach
- Electronic media liability, including infringement of copyright, domain name, trade name, service mark, or slogan on an intranet or Internet site
- Potential coverage for employee privacy liability, network security and privacy liability
The Certus NW team will consult with you to determine the best coverage for your specific needs.