If you own a business, chances are that you are aware of the need to have general liability insurance to protect your business from the financial consequences of a claim of bodily injury or property damage. However, many business owners are not aware of the fact that they need to have cyber liability insurance as well.
Cyber attacks and data breaches are becoming increasingly common and can be devastating to a business. In fact, roughly 60% of small businesses go under within six months of falling victim to a cyber attack. Cyber liability insurance coverage can help you out by covering the financial losses that occur with a cyber attack.
What Is Cyber Liability Insurance?
Cyber liability insurance is a type of insurance coverage that is designed to protect your business from financial damages that can result from a cyber attack or data breach. It can cover many different expenses associated with issues of this nature.
What Types Of Cyber Liability Insurance Are Available?
There are two main types of cyber liability insurance that are available to purchase. The first type is called first-party coverage and it covers expenses when your network is breached or your data is stolen.
The other type of cyber liability insurance is called third-party coverage. This type of insurance offers coverage in situations where a client decides to sue your company due to your failure to prevent a breach on their end.
Cyberattacks and data breaches are a real threat. Cyber liability can help.