Your customers, employees and partners trust you with sensitive information. If that data ends up lost, stolen or damaged due to a security breach, it could be very costly to replace or restore—particularly for small to midsize businesses. 66 percent of these companies close their doors forever in the wake of a major data breach.
Some industries are also more susceptible to cyber attacks. For example, Personal Health Information (PHI) is 10-times more valuable than payment card information on the dark web, making healthcare organizations a prime target.
Who Should Consider Cyber Liability Coverage?
Not sure if you need cyber liability insurance? We recommend reaching out to an SBB team member if any of the following holds true for your business:
- Own sensitive property that could be damaged by environmental changes or computer services that could be impaired by malicious programming.
Store data off-site that could be compromised or destroyed leading to loss of income.
- Publish, advertise, telecast, or broadcast information which may result in claims of libel, slander, or invasion of privacy.
- Conduct client-based work that may result in claims of breach of contract or missing and/or incomplete work resulting in loss of profit and extra expenses.
What Does Cyber Liability Insurance Cover?
The SBB team will tailor a cyber liability policy to cover specific data, equipment, and operations of your business along with the associated risks. Some of these coverages may include:
- Financial Loss
- Defense Costs
- Property Damage & Impairment
- General Liability
- Errors & Omission
For more information, download our free risk scorecard or start with a quote today.