Cyber Liability Insurance

In the new and digitally driven business world, businesses of all sizes and across most industries rely on exciting technological advancements. However, while these new implementations can help your company imagine innovations and improve overall efficiency, they may also cultivate increased risks and exposures. Cyber liability insurance has emerged as a critical investment for many modern companies looking to offset these rising threats.

What Is Cyber Liability Insurance?

Also known as cyber insurance and cybersecurity insurance, these policies have become an integral investment for many commercial entities. As an essential component of many business insurance packages, these policies can establish financial fortifications for policyholders, potentially rendering critical financial aid following cyberattacks, data breaches and other cyber incidents.

What Can Policies Cover?

A suitable cyber liability insurance policy can offer multifaceted financial protection against many possible cyberthreats. Specifically, your coverage may provide aid in response to the following common incidents:

• Phishing messages

• Malware infections

• Denial-of-service attacks

• Cyberextortion

• Man-in-the-middle attacks

In response to the aforementioned cyber incidents, having appropriate cyber liability coverage could help your business secure financial assistance. Although exact coverage details may vary, payouts could potentially help with the following losses and expenses:

• Incident response costs, such as notifying clients, customers or other parties whose data may have been compromised

• Business interruption losses, such as recouping lost income your company would have made if not for the incident

• Fees for help to manage the aftermath, such as public relations firms and crisis management teams

• Legal expenses, such as hiring attorneys or paying settlements and judgments in response to lawsuits

How Much Does Coverage Cost?

Premiums for cyber liability insurance policies can vary significantly. When quoting your business a rate for coverage, carriers may consider the following criteria:

• Industry

• Client base details (e.g., number of customers and their own exposures)

• Types and amounts of data with which you work

• Existing cybersecurity measures

• Workforce size

• Claims history

• Coverage limits

We’re Here to Help

For ideal cyber liability insurance solutions near you, contact Insurance Discounters of Texas in Tomball, Texas, today. Our team can help you explore your coverage options and secure an ideal policy at an optimal rate.