Cyber Liability Insurance

Cyber Liability Insurance protects companies against 3rd party claims of proprietary loss resulting from a variety of electronic activities. Usually these electronic activities involve collecting some form of sensitive, personal, or confidential information.

Basically, if you hold sensitive data of any kind on a computer or electronically, there is risk that this information could be exposed or stolen by a hacker. If a network breach happens, Cyber Liability Insurance is meant to cover the costs associated with the breach, including costs to defend claims, fines, penalties, the loss resulting from identity theft, notification costs, and credit monitoring. It will also cover the cost for the loss of income during the time that your company needs to be shut down during the cyber security issue.

Because you could have the sensitive information for many people, a network breach could leave the personal information vulnerable for a large group of people. This could result in a class action lawsuit, which is much more expensive than a typical lawsuit.

Importance

Being at risk for a network breach could be as simple as sending personal information between emails. If you have a CRM where you store sensitive client information, you are at risk. If users must login to your website or if you use cookies, your company could be at risk.

The data trends are clear, cyber attacks are becoming more and more common and the costs associated with them continue to rise.

So I’m at risk. What do I do?

Click the “Get Covered” button below or contact us at info@newcityrisk.com.

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