Cyber Liability Insurance typically covers your business’s liability for a data breach that involves sensitive customer information. This includes credit card numbers, Social Security numbers, account numbers, and health records just to name a few. All businesses face exposure to theft of confidential customer or employee data. Legal expenses and expenses associated with notification and credit monitoring can be crippling to a business, not to mention the fact that the bad press can damage the image and reputation of a business. Data breach claims are not limited to businesses that take credit cards or do business online. All businesses are susceptible.
If you are a business that deals with sensitive customer information of any kind, you need Cyber Liability Insurance. Cyber crimes are becoming more common as we increasingly rely on technology to do business. It doesn’t only affect large organizations; your small business is just as susceptible to being hacked or getting a virus. This can lead to catastrophic legal and financial repercussions, not to mention putting your employees and customers at risk.