Cyber Liability Insurance
Cyber Liability Insurance Information
Increased technology use has led to various workplace advancements. It can boost efficiency, improve business operations, and simplify daily tasks. But with greater technology use comes heightened cyber security risk. Cybercriminals can take advantage of your business’s technology to hack into your operating systems, install malware or access sensitive data, resulting in devastating financial and reputational harm.
If your business is hit with a cyber attack, the right cyber liability insurance policy can help protect you from out-of-pocket costs and contribute to a quick recovery. Contact Samco Agency in Wood Dale, Illinois, to learn how our cyber liability coverage can help protect your business.
What Is Cyber Liability Insurance?
The initial costs associated with a cyber attack could include extortion payments and lost business income; however, the full financial ramifications of a cyber incident may not be felt until further down the road. Indirect cyber attack costs could come in the form of reputational damage, lost customers or liability lawsuits. Cyber liability insurance is a binding agreement with your insurance company that can help provide financial support for common recovery, restoration and legal fees associated with cyber attacks.
What Does Cyber Liability Insurance Cover?
It only takes a single misclick to become a victim of a cyber attack. Purchasing and maintaining an adequate cyber liability insurance policy can help your business deal with the ramifications of such an incident.
A standard cyber liability insurance policy may help cover costs related to the following:
- Regulatory fines
- Customer notification costs
- Legal costs (e.g., settlements)
- Incident investigation costs
- Equipment or data repair and replacement costs
- Consumer credit and fraud monitoring service expenses
- Extortion costs (e.g., ransomware payments)
- Incident investigation expenses
When it comes to cybercriminals, it’s better to be safe than sorry. The agents at Samco Agency are here to help you find the cyber liability coverage you need. Contact us today to get a cyber liability insurance quote that’s tailored to your business needs.
We serve Wood Dale, Illinois, and the Greater Chicago area.