Cyber Liability Insurance
What is Cyber Liability Insurance?
Cyber liability insurance protects companies against losses and claims arising from data loss due to a security breach, network outage, service interruption or other cyber event.
Why is Cyber Liability Insurance Important?
Businesses big and small can fall victim to cyber criminals, whether it’s due to hacking, malware, or some other nefarious act. 60% of attacks are focused on small businesses. 50% of small businesses closed after a data breach.
Cyber liability insurance is just one piece of cyber risk management. It pays for the expenses incurred after a data breach and helps to pay for or provide discounts when implementing safety controls.
What Kinds of Information are at Risk From a Data Breach?
- Personal Identifiable Information (PII)
- Protected Health Information (PHI)
- Electronic Protected Health Information (ePHI)
- Company Confidential Information
- Financial Information
- Intellectual Property
- Client Lists
What Does Cyber Liability Insurance Cover?
Essentially, cyber liability insurance covers the damage that your business may suffer as a result of a cyber security breach, like data and identity recovery. Beyond that, cyber liability insurance helps to cover damage impacting your customers or business partners, including things like legal fees, customer notifications and settlement costs.
How Much Does Cyber Insurance Cost?
The cost of cyber coverage can vary from business to business and across industries as well. The cost for cyber liability premiums will likely increase with the continuing rise in cybercrime. When underwriters are evaluating risks and pricing for a policy, they often consider the company’s disaster and business continuity planning, cyber awareness & training, IT risk and system security.
Kyber is offering a free Insurance and Controls Preparedness Assessment
Here’s What You Can Expect From an Assessment:
- Understand your organizations gap with core components of the NIST CSF
- Obtain immediately actionable information for how you can better secure your organization.
- Learn how you can improve the overall cybersecurity posture of your organization