Cyberattacks don’t only target large corporations. Any business that uses electronic systems to conduct operations is vulnerable. If your business suddenly lost access to its computer systems or electronic files, would it impact or halt your daily operations? If the answer is yes, it’s time to consider cyber liability insurance to protect your business income and continuity.

What is Cyber Liability Insurance?

Cyber liability insurance helps protect businesses from financial losses caused by cyber threats. These policies are highly customizable to fit the specific needs and exposures of your operations.

Common cyber threats businesses face:

• Unauthorized Access: A malicious actor, malware or an employee error can result in unauthorized access to your data.
• Misuse of Information by Authorized Users: An insider may intentionally or accidentally misuse information by altering, deleting or using it without authorization.
• Data Leaks: Threat actors or cloud misconfiguration can expose personally identifiable information or other sensitive data.
• Loss of Data: Poorly configured replication and backup processes may result in data loss or accidental deletion.

Cyber policies can help replace income lost due to a cyberattack. Coverage may also include costs for data restoration, reputational damage, legal fees and incident response following a covered event.

How to Protect Your Business and Your Customers?

• Evaluate your vendors’ and partners’ cyber liability insurance and protection protocols. Their vulnerabilities can become your liabilities.
• Develop a cybersecurity and data breach response plan. Make sure it includes the right insurance coverage.