In these times of data breaches, which have been in the news and have affected some of the largest companies in America, it is important that you and your clients are covered. For a small, medium, or even a large corporation, the repercussions from even one Cyber violation can bankrupt the company.
Cyber Liability Insurance can cover your risk from data & privacy breaches, media and multimedia intellectual property infringement, extortion, and network security.
In order to determine what your Cyber-exposures are, it is important for your Agent to understand how your business operates online and what information is contained in your cyber universe.
Some examples of expenses related to a Cyber violation include:
- Managing the incident
- Ongoing investigation
- Remediation and Mitigation
- Notification of victims
- Call management
- Credit checking for victims
- Attending legal & court meetings
- Regulatory fees & fines
- Defacing of website
- Intellectual Property infringement
- Professional defense fees
- Third-party damages
- Theft of systems
These are just some of the main expenses associated with a Cyber-attack.