Cyber Liability InsuranceCyber Liability Insurance

Does your business collect credit cards information? What about a database of other’s personal information? Your employee’s tax information? No matter the size or scope of your business, with today’s reliance on technology and the lingering threat of data breaches or leaks, obtaining

What is Cyber Liability?

Insurance is money well spent. And for what you get in return, not that much money spent.

Examples of Potentially Harmful Data Leaks:

  • Customer orders
  • Customer lists
  • Confidential payment information
  • Company tax documents
  • Company employee records
  • Company banking information

Because of changes made by the Insurance Services Office, your general liability policy will no longer cover damages to your company caused by data breaches leading to confidential or personal information leaks. As such, the purchase of a separate Cyber Liability Policy is essential for businesses that rely on electronic data. Contact a Mallory-Tate agent today to ensure your liability insurance includes a separate cyber liability policy.

What Will Your Cyber Liability Insurance Policy cover?

A cyber liability policy is specifically designed to cover expenses incurred if your company experiences a data breach. These expenses can include:

  • Investigating the breach
  • Data fixes
  • Remediation of the current computer operating system
  • Notifying customers
  • Public relations

What about The Cloud?

Your business will still be liable for breach even if you store your data in the cloud. As with any contractor, you cannot control how the provider will handle your data. Your cyber liability policy also protects you from this type of liability.

As with any insurance, the amount of coverage your business needs is dependent on your level of risk.
Sometimes securing a cyber liability policy isn’t the easiest of tasks. It is very important that your business has a cyber-risk management plan in place.

More than likely your business will be evaluated on its risk management techniques from disaster response to the performance of firewalls. Your Mallory-Tate agent can help you take the steps necessary to get your business’s risk management plan up and running, so you can get the best policy deal available.