Cyber Liability Insurance
Cyber Liability Insurance Information
As technology continues to be integrated into everyday business operations, it is crucial to consider the risks of cyber attacks, data breaches and other cyber security events. These incidents can expose confidential data or destroy critical files, and your business may be responsible for repairing the damage they cause.
Cyber security insurance can help pay for the associated costs of these instances and lessen your business’s out-of-pocket burden. The knowledgeable team at ProRisk Advisors in Hoschton, Georgia, can help you get the cyber security insurance your business needs. Contact us today for details.
How Does Cyber Security Insurance Work?
Cyber security insurance may also be known as cyber liability insurance or cyber insurance. It works like other insurance policies where the policyholder (e.g., your business) pays a premium, and in exchange, an insurer agrees to provide financial aid if a covered cause of loss occurs.
What Does Cyber Security Insurance Cover?
Cyber security insurance may cover internal and external cyber security threats, such as:
· Data breaches and cyber attacks.
· Failures of computer or network systems.
· Cyber extortion events.
· Unintentional releases of data.
· Malicious destruction of data.
· Malware infections.
· Phishing attacks.
These cyber events and others can significantly impact your business and your customers. Cyber security insurance may help cover losses to your business and third parties (e.g., your clients) and help pay for other recovery services. This financial assistance may be used to:
· Cover the income your business lost due to the cyber security event.
· Notify affected parties about the breach.
· Repair damage to your business’s reputation through public relations.
· Restore or recover lost data.
· Pay for cyber extortion-related expenses.
· Provide credit monitoring services to the impacted parties who might be at risk for identity theft.
· Cover legal costs (e.g., defense costs, settlements and judgments) that arise from lawsuits connected to the cyber security event.
· Investigate the cause of the data breach or cyber attack.
Cyber security policies may cover other costs and incidents. Contact your agent for information regarding terms, limits and exclusions.
How Much Does Cyber Security Insurance Cost?
The cost of cyber security insurance depends on several factors, including:
· The amount and type of data your business stores.
· Your business’s claims history, scope of operations, size and location.
· The limits of your policy.
Other factors could impact premiums. Reach out to ProRisk Advisors for additional information or a quote.
Get Cyber Security Insurance
ProRisk Advisors has been in business for over 20 years, and we are ready to help your business secure the cyber security insurance that suits your needs. Contact us today to get started.