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Every year, over 43 percent of all small and medium businesses are targeted by cyber crooks. That's the word from New York Small Business Development Center.
This is one reason that cyber liability protection is one of the fastest growing sectors of the insurance market. Contact Newbridge Coverage for your Cyber Liability Insurance quote at 1-516-781-9000.
On average your business will need $38,000 to put things right after a hack attack. These costs are steadily rising and many smaller businesses do not recover from a breach.
Cyber Liability Coverage ExplainedSo, what exactly is cyber liability insurance?
You may hear all sorts of terms being used for this in addition to cyber liability insurance. For instance: cyber security insurance, data breach insurance, data breach liability, data compromise insurance or data privacy insurance.
Take your pick. To a large extent, these terms overlap each other or mean the same thing, so it's best always to be sure that the risks you face are the ones that are actually covered in your policy. Speak to your insurance agent about this.
Whatever you call it, this type of insurance is a fairly recent innovation and some insurers are still feeling their way on the scope of the protection they provide. Others have already developed a high degree of expertise.
So, when you're looking for coverage, it's worth talking to your agent to ensure you go with a carrier who understands the risks.
Some policies also provide coverage for providing data monitoring services and call center support for affected clients.
Policies can be either standalone, or they can be part of a multi-peril commercial insurance package.
It's worth pointing out too that cyber liability isn’t just about insuring the security of your office computer systems. It also extends to laptops, tablets and cell phones that may contain confidential information that would fall into the hands of crooks if any of these devices were lost or stolen.
If you'd like to discuss protecting your business against cyber attacks, please speak to one of our cyber liability insurance experts. We will make sure your business is protected with a comprehensive cyber liability insurance policy. Call us today 1-516-781-9000!
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