Cyber Attack Insurance Plans
In the past, the greatest concern with cyber threats was disclosure of personal information or sensitive data. Businesses are increasingly facing threats in the ability to continue business operations.
Cyber attack insurance coverage covers costs associated with a cyber-attack or data breach.
Cyber attacks can include.
- Malicious actions such as hacking, viruses and phishing
- Denial of service (DoS) ransomware and malware
- Data losses
- System crashes
- Falsely invoicing your clients
- Selling your or your client’s personal information
- eCrime
- Theft from bank accounts
- Wire fraud
What does cyber liability insurance cover?
Cyber liability insurance will protect your business from the financial loss of a cyber-attack. It can provide coverage for legal services and defense costs, notification expenses, forensic analysis, regulatory compliance and fines, lost income, and recovery of lost files. Also included are costs to recover data, provide notification to customers, credit monitoring and more.
First-party cyber coverage is covers the costs associated with an attack on your computer systems or network. If you are using 3rd party services or want to protect your customers you will need to add 3rd party coverage.
Cyber Attack Examples;
- Your email gets hacked, and it contained client payment or personal information, you are required to notify your clients of the attack and monitor their credit which comes at a significant cost.
- Your server, hosted by a 3rd party gets hacked that hosts client payment or personal information. You are required to notify your clients of the attack and monitor their credit which comes at a significant cost.
- You work as a 3rd party, performing services for another business. Your email gets hacked, and it contained client payment or personal information, you are required to notify your clients of the attack and monitor their credit which comes at a significant cost.
In all cases you are legally liable to clients, customers and potentially 3rd parties depending on your contracts.
Breach Notification Law Interactive Map https://www.bakerlaw.com/BreachNotificationLawMap