What is cyber liability insurance?
Cyber liability insurance is designed to cover a business in the event of a cyber threat in which customers’ personal information is stolen or exposed.
Who needs cyber liability insurance?
Anyone who uses technology to do business should consider cyber liability insurance – not just big corporations.
In fact, hackers are statistically more likely to go after smaller organizations, as they often do not have the sophisticated security that many big companies do.
If your business handles sensitive customer data, even something as basic as credit card information, you should consider cyber liability insurance.
Why should I have cyber liability insurance?
In the event that something happens, cyber liability insurance will not only help protect your assets, but it will also help protect your reputation.
Cyber liability insurance will help pay for the response to a cyber attack as well as crisis management, reputation management, credit monitoring, and the cost to contact customers regarding a data breach (which is legally mandatory and surprisingly expensive at the same time). A situation like this could end up costing hundreds of thousands of dollars before you know it.
That’s what makes getting insurance coverage so appealing.
How much does cyber liability insurance cost?
Pricing varies based on your type of business, what types of information you gather, how many transactions take place, how many devices are involved, and your zip code.
To provide scope, a retail store might pay $500 annually, whereas a consulting service may pay $1,200. In general, depending on what limits of liability you select, policies usually start around $750.
From there, price can increase depending on the size and risk of your business.
Get an online cyber liability insurance quote to find out more.