Protect your business from online risks.
As a small business owner, it’s important that you protect against malware, spam, and phishing schemes. This is because a major cyber attack or data breach could spell the end for your company. Fortunately, there are insurance options that are specifically designed to address your business’s online risks. Here is what cyber liability insurance will cover in the event of an online attack.
When you secure cyber liability insurance, you will have coverage for the costs associated with a cyber attack. This means that you will have coverage for the following:
- The cost of notifying affected parties
- The cost of having computer forensic experts determine the existence, origin, and extent of a privacy breach
- The cost of public relations or crisis management services
- The cost of identity theft restoration services for affected individuals
- The cost of fines or penalties issued by a government entity due to breach of privacy regulation
In addition to these expenses, cyber liability insurance will also cover the costs related to:
- Restoring data and/or the systems that are damaged, lost, or corrupted by the attack
- Replacing lost business income
- Resolving an extortion or ransom demand from a cyber criminal
Finally, cyber liability insurance will also cover the cost of your various legal issues stemming from the cyber attack. This includes:
- The cost of legal investigation, defense, and appeal of actions
- The cost of damages, judgments, or settlements stemming from a lawsuit
This is why businesses of all sizes need to secure the right cyber liability insurance to protect against online risks. Do you need help with your commercial insurance needs? If so, then contact the experts at Steve Wilk insurance. Check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.