Cyber Liability Insurance
Cyber Liability Insurance Information
Cyber Liability Insurance
Coverage For Dallas, Plano, and Surrounding Areas In North Texas
Nearly every business now works primarily online and stores information electronically. While this makes accessing information easier, it can also make theft easier for hackers. Hacking and data breaches cost businesses millions of dollars a year in damages, ransoms and reputation damage. Thankfully, there is insurance available to cover against such losses.
The insurance professionals at Rising Star Insurance Group understand the risks business owners face when it comes to keeping information electronically. We provide great customer service and comprehensive policies at competitive prices for all businesses. To get started, call us today at (972) 587-7700 or contact us online now.
Common Cyber Liability Insurance Questions
Cyber liability insurance is designed to protect the business in case sensitive or private client information is lost or leaked due to a data breach or other IT-related incident. It covers against:
- Loss/corruption of data
- Business interruption
- Identity theft
- Cyber extortion
- Reputation damage
A cyber liability insurance policy for $1 million worth of coverage costs an average of $1,501 a year.
The amount of cyber liability insurance you purchase should be calculated based on the risk of filing a claim and how much damage a cyber attack or data breach could cause. Basic policies typically begin at $1 million, but your business may need a higher amount if a lot of client information is held electronically.
There are four main areas of coverage under cyber liability insurance:
- Communication/PR Expenses: This section of coverage helps with the expenses of notifying victims about the loss, breach or damage to their information as well as other PR issues related to the incident.
- Cyber Extortion: Cyber extortion relates to expenses when hackers hold information for ransom.
- Hacker Damage: This covers expenses directly related to damage caused by a hacker.
- Business Interruption: This covers monetary loss while the business is unable to operate after a cyber-attack.
As with most insurance policies, businesses can purchase cyber liability insurance through monthly or yearly premiums. It covers both first-party and third-party incidents, such as direct expenses related to the incident as well as lawsuits filed by clients whose information was lost, breached or damaged.
Any business that keeps sensitive information electronically should have cyber liability insurance. This includes banks, insurance agencies and medical businesses.