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 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;
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