Cyber Liability Insurance
If your company conducts business online, stores data online, or gathers/disseminates information about your customers on a regular basis, it’s important to look into cyber liability insurance. Also referred to as data breach insurance, cyber liability insurance can cover many risks, depending on the policy. These are just a few examples:
- A large-scale data breach in which your customer's private information gets into the wrong hands
- The theft or loss of online information
- A hacked system that compromises your client's private information
What is Cyber Liability Insurance?
Cyber liability insurance can help you make sure you're complying with all the applicable laws in case of an issue, thereby avoiding civil lawsuits and fines. The right company can also offer insightful, up-to-date suggestions on the best coverage to fit your company's unique needs. Some cyber liability policies even cover public relations professionals to help maintain a reputation of integrity when things go south.
How do Cyber Liability Insurance Policies Work?
Cyber liability policies vary widely dependent on the company or organization being covered and their risks and needs, but the upshot is simple: you'll sit down and talk to an expert about your risks and concerns. They'll ask questions to clarify the way your business works and the ways your systems use technology on a regular basis. And then they'll make recommendations on the types of coverage most important to protect you in case of a data breach or other cyber catastrophe.
Insurance agents knowledgeable in cyber liability will also be able to provide training or general recommendations for employees to mitigate dangers. That means they'll be able to help you comply with all applicable privacy and data management laws while navigating the often-murky waters of today's technology-saturated business world.
At WSMT Insurance, we've been working with proactive clients to provide crucial data breach and cyber liability coverage as part of regular business insurance policies for years. To find out what we'd recommend for your company or organization, contact us today or stop by our office. We'd love to help you perform a risk assessment to determine what coverage you need to protect yourself if your private data somehow becomes vulnerable.