Living in a digital world means there is a myriad of opportunities for security breaches, a problem that many business owners didn’t even need to consider before the advent of technology. However, keeping your business safe from cyber risk exposure has become more prevalent than ever before. If you’re looking into cyber insurance to protect your company from liability in the event of a data breach or hack, here’s what you can expect from many cyber insurance policies available today.
Two Common Types of Cyber Liability Insurance
The first-party response plan offers financial help which covers:
- Forensic and legal services to help you determine if a breach has taken place
- Coverage of any costs or fees necessary for notifying the employees and customers affected
- Crisis management and the handling of public relations issues to protect your reputation
- Credit monitoring for customers
- Reimbursement on any cyber extortion threats to your website or computer system as a whole.
Meanwhile, if you’re facing any legal action from a client or partner after a cyber risk, the third-party defense plan could be of service to your business.
This could include help with:
- Lawsuit settlements
- Electronic media holdings
Network security and privacy. These days, cybersecurity is no joke. Prevent your business from dealing with the fallout of a malicious digital attack and upgrade your cyber risk prevention measures as soon as possible.