4 Different Things Covered Under A Cyber Liability Policy
If you are running a business, you will want to think about having cyber liability insurance. A cyber liability policy is essential in the digital age. Cyber liability protection provides you with many layers of coverage.
#1: Network Security
First, you are going to want to have network security coverage. A cybersecurity event includes things such as ransomware, malware infection, a data breach, or a business email compromise.
With each of these incidents, your network security coverage will cover first-party costs that your business must undertake as part of the covered incident. This includes expenses such as data restoration, sending breach notifications to consumers, legal expenses, payment of ransomware demands, IT forensics, credit and identify restoration and monitoring, and public relation expenses.
#2: Privacy Liability
Second, it is common for businesses to store personal and sensitive information that you don't want to be shared with the general public, be that stored payment information or other more sensitive information.
With privacy liability protection, you are protected against liability that can occur due to a privacy law violation or cyber incident that impacts your business. With this type of protection, you can defend yourself if you face a class action lawsuit due to a cyber incident or data breach. This will also cover any legal fines or expenses that happen due to a privacy violation.
#3: Network Business Interruption
When your network is damaged or hijacked due to a hack, software patch, or human error, your network business interruption will come into play. With this, your insurance will cover any costs you incur or lose due to a network interruption that stops your business from operating. Having your network taken down can be really damaging to your business.
#4: Media Liability
Fourth, a cyber liability policy can provide you with media liability coverage. With a media liability policy, you will be protected against patent infringement and intellectual property infringement that are a result of advertising, specifically advertising online. That way, you are protected against the things that you post online in relation to advertising your business.
If you are running a business, it is essential to have a cyber liability policy as more of your business operations move online. A cyber liability policy includes coverage such as network security, privacy liability, network business interruption, and media liability. These types of coverage will protect you if your network or data is ever compromised, and will provide you with the resources to deal with these types of events.