Cyber Liability Insurance
Cyber liability is a question of “WHEN” not “IF”
Data drives the organizations of today’s world. Businesses of all sizes, small businesses to large corporations have had a cyber hacking or data breach, with the average cost to rectify rising to $6.5 million per occurrence.
One stolen laptop, one careless employee, a malicious computer virus or even paper records that fall into the wrong hands, can create a financial and reputational disaster affecting your business for years to come.
What does Cyber Liability cover?
With a comprehensive cyber liability policy, you can feel confident that you’re covered in case of data breaches and related issues, including:
- Data compromise protection to cover employee and customer information if your data should ever be lost, stolen (physical and electronic), corrupted, or subject to procedural errors or internal fraud
- Legal fees incurred through consulting with data breach attorneys
- Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
- Personal services for any persons affected, which may include help line services, credit monitoring and case managers for identifying theft victims.
- Public relations costs to protect your reputation in the event of a data compromise
- Costs of legal defense in an event that the company is sued due to the breach
- Lost wages due to attending court post breach
- Privacy fines & penalties from federal state & local regulatory bodies
- Payment card fines, penalties, card re-issuance, and fraud costs
We can help protect your business against damage to electronic data, virus or malware attacks, liability to third parties, and also help recover the cost of:
- Restoring and recreating data to your system
- Restoring systems to pre-attack levels
- Lost profits due to business interruption from a hacking attack
- Social engineering or cyber crime coverage for fraudulently wiring money to an incorrect third party
- Ransom payments demanded from hackers locking online systems
Cyber liability coverage applies to every type of business because all businesses collect information and are vulnerable to hacking attacks. You may be able to save cost by bundling coverage with another policy to create a comprehensive bundle of business liability coverages.
The J. Morey Company, Inc. can help you asses the risks to your business, and get you the protection you need in today’s data-centered world.
Start a quote now and let The J. Morey Company help you find the best California cyber liability insurance policy for your needs.