Using technology makes many processes faster and simpler for businesses. However, there are also risks associated with storing important information in electronic databases. Many companies mitigate those risks by purchasing a cyber liability insurance policy. 

Contact our agents at William Viviano Agency in Charlotte, North Carolina, to determine if this coverage may be a good fit for your business. 

What is cyber liability insurance?

The sensitive customer data stored within company servers and in the cloud is vulnerable to attacks from hackers and other cyber criminals. Most people think only large corporations are in danger of cybercrime attacks. But, all businesses that use computers connected to the Internet are at risk.

What are the benefits of cyber liability insurance?

More than one-third of businesses experience a data breach each year. If a similar event happened at your business, would you be able to pay for the resulting damages?

Many cyber liability policies cover a variety of expenses associated with a cyberattack:

• Stolen data retrieval
• Reimbursement of fraudulent charges
• Identity protection services for customers at risk of identity theft
• Damage control for your business’ reputation
• Legal fees associated with the attack
• And other cleanup efforts

A general liability policy often excludes losses incurred because of the Internet. A cyber liability policy can fill in that gap. It may be the difference between closing your business and making a comeback.

Why Do Businesses Need Cyber Insurance? 
Any company that uses technology in its day-to-day operations can fall victim to a cyber attack. Without the proper insurance coverage, the financial fallout can be devastating. 

Hackers who gain access to networks, stored data and websites may be able to lock you out and threaten to destroy your files and expose your customers’ data. They may demand a ransom in exchange for restoring your systems. Cyber insurance may help cover the costs associated with recovering your files and rebuilding your system. 

Exposure of your customers’ information after a data breach could also trigger liability for third-party damages. 

How Much Does Cyber Liability Insurance Cost? 
Insurance companies determine cyber liability policy premiums using several factors: 

Get started today!

We can evaluate your business’s needs and find a policy that offers the best possible protection against cybercrime.