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Cyber Liability 2018-12-19T16:11:43+00:00

CYBER LIABILITY

Cyber liability is insurance designed to protect consumers of technology related services and products. They cover a variety of losses that result when a business engages in any electronic related activity, such as selling products via the internet or collecting customer data within its own network. Cyber policies cover a businesses liability for a data breach in which customer’s personal information like social security numbers, credit card numbers, or other private information is stolen by hackers. The policies cover a variety of expenses associated with a data breach such as notification costs, credit monitoring for the victims, costs to defend claims by regulators, penalties/fines etc. These policies also cover property exposures from cyber extortion, funds transfer losses, identity theft, computer fraud, and data loss. Cyber liability insurance helps businesses survive data breaches and cyber attacks by paying for the expenses related to the recovery.