What is Cyber Liability Insurance?

Cyber liability insurance protects your business against the financial consequences of data breaches, cyber attacks, and other technology-related incidents. As businesses become increasingly digital, cyber risk has become one of the most significant exposures many companies face.

If you collect customer data, process payments, or rely on technology to operate, cyber liability coverage deserves serious consideration.

What Does Cyber Liability Cover?

Cyber policies typically include both first-party coverage (your own losses) and third-party coverage (claims by others). First-party coverage includes breach response costs, data recovery, business interruption, and cyber extortion. Third-party coverage handles lawsuits from affected customers, regulatory fines, and payment card industry penalties.

The Growing Cyber Threat

Small businesses are increasingly targeted by cyber criminals who see them as easier targets than large corporations. The average cost of a data breach continues to rise, and regulatory requirements for breach notification add additional expense. Cyber insurance provides both coverage and access to breach response resources.