{"id":5577,"date":"2020-07-24T21:59:40","date_gmt":"2020-07-24T21:59:40","guid":{"rendered":"https:\/\/cometinsure.com\/blog\/?p=5577"},"modified":"2020-07-28T10:11:22","modified_gmt":"2020-07-28T10:11:22","slug":"cyber-liability-insurance","status":"publish","type":"post","link":"https:\/\/cometinsure.com\/blog\/cyber-liability-insurance\/","title":{"rendered":"Cyber Liability Insurance \u2013 Your Road to Protected Success"},"content":{"rendered":"<div  class=\"tatsu-ggau0nu5jl1r4aa8 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ggau0nu5tzehhx2n\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-ggau0nu63l6ab2m8\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-ggau0nu6cn5r1cm5  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-ggau0nu6cn5r1cm5.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;color: rgba(0,0,0,1) ;}.tatsu-ggau0nu6cn5r1cm5 .tatsu-text-inner *{color: rgba(0,0,0,1) ;}<\/style>\n<p><span style=\"font-weight: 400;\">Cyber liability insurance is security insurance that covers the cost for a business to recover from cybersecurity mishaps like a data breach, viruses, and other cyberattacks. It also covers the hefty costs of legal claims that hit your business out of the blue. Any business that houses sensitive data in their cloud or on any electronic device in-house must have cyber liability insurance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Without highly skilled tech teams and IT staff, small scale businesses are most likely to need reliable cyber liability insurance. In this blog post, you\u2019ll learn more about the coverages, cost, and benefits of purchasing cybersecurity insurance.<\/span><\/p>\n<p><b>Cybersecurity Insurance, an added layer of protection<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Cyber liability insurance is also known as cybersecurity, confidential liability, and media liability insurance. It helps your company give an immediate response in any misfortunate events of data breach or hacking. If your network or computer systems are hit with a cyberattack or corrupted by a virus, for instance, cyber liability insurance acts as your rescue plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Often, general liability policies contain basic cybersecurity threat coverage. However, businesses that are more tech-savvy in terms of data and codes essentially need a proper cyber liability policy to ensure safety. Companies that store personally identifiable information (PII) for customers or employees are required to have stand-alone and robust cyber liability insurance. PII includes any data that can straight away identify a particular individual, such as date of birth, name, social security number, identification number, email address, credit card number, or bank account number.<\/span><\/p>\n<p><b>What does Cyber Liability Insurance cover?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Cyber liability coverage widely vary based on your insurance company. Because insurers started offering cybersecurity coverage only a few decades back, there no defined standard of a cyber liability policy as of yet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the variation, there are two basic types of coverage:<\/span><\/p>\n<h2 style=\"text-align: left;\"><span style=\"font-weight: 400;\">First-Party Coverage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This coverage pays for urgent expenses that a company suffers after a cyber breach. This includes:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Cost of notifying customers and employees<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Repairing any damaged hardware or software<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Protecting the business\u2019s reputation with a marketing and PR response<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Business interruption costs<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Extortion money (in case of a hacker asking for ransom)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Other ancillary costs, such as credit monitoring costs for customers<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: left;\"><span style=\"font-weight: 400;\">Third-Party Coverage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This coverage helps businesses defend against legal claims and lawsuits. This includes:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Privacy lawsuits claiming that you violated the privacy of employees or customers<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Fines from regulatory and government bodies<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Media liability claims, such as copyright claims, libel, or slander.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Breach of a contract or other negligence claims<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The best thing about cyber liability insurance is that it is entirely customizable. You can get special coverages that you may need based on your business type. There are ri<\/span><span style=\"font-weight: 400;\">sk mitigation services available to help you identify and avoid potential cybersecurity threats and breaches. In case of any cyberattack, you can seek insurance coverage to set up a hotline that customers and the general public can call to get more information.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Have more personalized questions and queries? Reach out to us, and we will make sure you are well-informed about everything related to cybersecurity insurance before purchasing it.<\/span><\/p>\n<h2><span style=\"font-size: 16px;\"><\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-ggau0nu63l6ab2m8.tatsu-column{width: 100%;}.tatsu-ggau0nu63l6ab2m8.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div><\/span><\/h2>\n","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/cometinsure.com\/blog\/cyber-liability-insurance\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":5580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[34],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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