An insurance hack that covers the risk of getting hacked.
Getting hacked isn’t just a hassle. It also poses a potentially huge and unexpected cost to your business. Cyber liability insurance is a specialized policy that’s customized to cover many of the risks your business faces from an information breach–and even covers some risks you might not have thought of.
What does a cyber liability policy cover?
A cyber liability insurance policy can help you to cover the expenses associated with cyber events. Additionally, some commercial cyber liability policies cover loss of business while your systems are compromised or unavailable. You can even get coverage against inadvertently breaching somebody else’s copyright.
What happens in the aftermath of a cyber hack?
A number of action steps must be taken once your business has experienced a cyber hack. These steps include:
→ Notifying customers and clients of the breach (a legal requirement in most states).
→ Restoring your business' website to working order.
→ Dealing with extortion attempts.
→ Paying damages to clients, customers, and suppliers who lose out because of your breach.
