Cyber Liability Insurance
Cyber Liability Insurance helps businesses survive data breaches and cyber attacks by paying for recovery expenses. When cybercriminals infiltrate a network, hold data hostage, or acquire sensitive data, the company they steal from can be held liable for the incident. That's where Cyber Insurance comes in. It can often pay for customer notification, credit monitoring, legal fees, and fines after a business experiences a breach.
Without Cyber Liability Insurance coverage, these costs can be overwhelming. A report from Internet security firm Kaspersky Labs claims the average cost of a small business data breach is $86,500. And while many small-business owners think they're not targets for hackers, the opposite is actually true. According to Property Casualty 360, 62% of all cyber attacks hit small- and mid-sized businesses.
Why are cybercriminals attracted to small businesses? First, they like to go where the money is, and many small-business owners…
- Accept credit cards.
- Store customer information.
- Conduct business online or in the cloud.
On top of that, small-business owners are less likely to have a strong defense against hackers.
If these things are true for your business, you could face a data breach and all the costs that go with it. Having Cyber Liability coverage, you have the funds to recover, rebuild, and restore your customers' faith.