Cyber Liability insurance policies are customizable to the threats each business has and can cover:
- Losses associated with, fines & regulatory penalties, notification cost of the breached client/employee/ vendor data
- Cost to hire a forensic analyst to understand how the breach occurred
- Credit monitoring that’s mandated up to one year in several states
- Loss of income as a result of the breach
- Cost to hire a public relations firm to assist in “spinning” the public perception of the breach event,
- Cost to set up a call center
- Costs of cyber extortion (aka Ransom’s)
- Bodily injury and property damage as a result of a cyber breach (which is specifically excluded on all property coverage forms) and
- Several other potential fees that can accumulate after a breach has occurred
It’s important to note that these coverage’s for a business are ONLY found in a cyber liability insurance policy and are in almost every case not covered on any other type of business insurance the business may have. Almost any organization that uses technology to do business faces cyber risk.
