Cyber Liability insurance is designed to cover liability and property losses that may result from a business engaging in numerous electronic activities, such as e-commerce or data-collection within its internal electronic network. Cyber and Privacy policies cover a business’ liability for a data breach in which a company’s client base and their personal information, such as social security or credit card numbers, are exposed or stolen.
Cyber Liability insurance covers a variety of expenses associated with data breaches, including, but not limited to, notification costs, credit monitoring, cost’s for defending claims by state regulators, fines and penalties, and losses resulting from identity theft. In addition, the policies cover liability arising from website media content, as well as, property exposure from business interruption, data loss/destruction, computer fraud, funds transfer loss and cyber extortion. Some elements of Cyber Liability insurance may interconnect and/or overlap with existing products from other policies, however, any prudent Cyber Liability policy will ensure cyber risks are fully catered to and addressed upon terms of agreement.
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