Cyber Liability insurance helps businesses survive data breaches and cyber attacks by paying for recovery expenses. ... It can often pay for customer notification, credit monitoring, legal fees, and fines after a business experiences a breach. Without Cyber Liability Insurance coverage, these costs can be overwhelming.
Cyber and privacy policies cover a business' liability for a data breach in which the company's customers' personal information, such as Social Security or credit card numbers, are exposed or stolen by a hacker gaining access to the firm's electronic network.
Companies must integrate cyber risk management into day-to-day operations. Companies must also be prepared to respond to the inevitable cyber incident, restore normal operations and ensure that company assets and the company's reputation are protected.
Companies should consult their IT specialist to create secure networks and speak with their insurance broker to obtain coverage that fits their needs.