Cyber Liability Insurance

What is Cyber Liability insurance?

Cyber Liability insurance is a specialized insurance coverage for risks related to cyber security issues, including cyber attacks, data breach, denial of service and ransomware. These threats have become more prevalent in the digital era and can happen to any business or organization, regardless of size or industry.

Who needs Cyber Liability insurance?

In this digital age almost every business that uses the internet and can be exposed to cyber related risks. Both large and small businesses and organizations are at risk of cyber attacks. This includes online stores, retail businesses, service industries, manufacturers, financial institutions, health care businesses, government organizations and more.

According to the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) Internet Crime Report , "In 2023, the IC3 received a record number of complaints from the American public: 880,418 complaints with potential losses exceeding $12.5 billion, which is nearly a 10% increase in complaints and a 22% increase in losses compared to 2022."

What does Cyber Liability insurance cover?

Cyber Liability insurance typically provides coverage for:

• Legal Fees & Expenses
• Customer Notifications
• Credit Monitoring
• Data Recovery
• Computer & Systems Restoration
• Forensics
• Incident Consultation

Cyber Liability insurance programs often include programs to help you manage cyber liability risks from data breaches, data loss, denial of service attacks, malware, viruses and more.

Contact an insurance agent for more information

If you own or manage a business or organization, it is likely that you will need Cyber Liability insurance. Contact us for an insurance agent in your area that specializes in Cyber Liability risks to find a plan that best meets your needs.