The internet is an important component of any modern business. With the internet comes an array of risks, including identity theft, data theft, hacking, and extortion. Something as small as a lost phone or laptop could have serious consequences for the safety and security of your business. Let’s take a look at how you can protect your business with different types of cyber liability insurance.
TYPES OF COVERAGE
Privacy Breach Responses Costs. This coverage is specific to the costs of recuperation after your business suffers a cyber attack, including PR, IT investigations, legal, credit monitoring for your customers, identity restoration, etc.
Reputational Harm. This type of coverage can protect your business by covering lost revenue due to a cyber security breach. Revenues can be lost when your business receives negative media attention as a result of the breach or when you must contact customers to notify them.
Network Asset Protection. This coverage provides the necessary costs associated with recovering or replacing compromised data, damaged or lost information, and corrupted computer files. This also includes coverage for any business interruptions or additional financial losses your business incurs as a result of a semi or non-functioning network.
Network Security & Privacy Insurance. This type of insurance protects information both online and offline, viral attacks on your business, and when viruses are transmitted to your customers unintentionally.
Multimedia Insurance. This insurance covers claims of copyright or trademark infringement pertaining to your business’ online and offline multimedia. This can also cover claims of personal injury and libel or slander.
Cyber Terrorism. This type of insurance is specific to cyber terrorism attacks. It covers the lost income as a result of interruptions to your network and computer system.
Cyber Extortion. Sometimes businesses face expenses as a result of cyber extortion. This coverage will pay expenses associate with a credible extortion threat.
Want to learn more about how cyber liability insurance can protect your business?
Call ERM Insurance Brokers in Irvine, California. (949) 222-0444