Cyber Liability Insurance Overview
Cybersecurity poses a threat to any New England business, regardless of size. A data breach can result in financial loss, customer loss, and damage to your company’s credibility. Although they don’t make the news, small businesses are often an easy target for cyber attacks, which is why you need to protect your business and livelihood with a cyber liability insurance policy.. As technology advances, so do the abilities of hackers who can gain access to your data, compromise your clients’ livelihood, and your company’s reputation.
Cyber insurance liability has become a vital coverage for businesses big and small. It covers you most notably, for a data breach which leaves your customers’ social security numbers, credit card numbers, and identity exposed or stolen by hackers. Essentially, it helps you keep your business in the case of a cyber attack. As with any insurance policy, it’s important to speak with an expert to add or delete coverage specific to your business needs.
Cyber Liability Key Facts
72% of all data breaches occur in small-to-medium sized businesses
The average cost of a data breach for a small business is anywhere from $36,000-50,000
60% of hacked small-medium businesses go out of business after 6 months
90% of data breaches impact small business
48% of data security breaches are caused by acts of malicious intent.
52% of breaches are a result of human error or system failure.
A standard general liability insurance policy does not protect your business from cyber-crimes. A typical business insurance policy only covers tangible items, which does not include electronic data.
There are two types of losses your business is privy to in the face of a cyber threat: a first party loss (any loss suffered directly by your business), or a third party loss (liability you face to an outside party). Cyber insurance policies provide coverages to protect you in the case of either loss.
Frequently Asked Questions
What are the most common types of data breach?
What industries are frequently targeted in cyber attacks?
What does cyber liability insurance cover?
Does my business need cyber liability insurance?
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