What is cyber liability insurance and do you need it? In this episode, Chris Hansel with Mathenia Insurance Group here in the St. Louis area tells us all about this relatively new type of insurance, what it’s used for, and who needs to make sure they are covered.
What is Cyber Liability Insurance?
Cyber liability insurance is a product used to protect businesses and individual users from risks relating to a hacking or breach of personal information on the internet or at a physical site. In this day and age, more and more business owners are looking into cyber liability insurance to make sure they are protected in case of a cyber-related incident.
What is Cyber Liability Insurance used for?
Business owners use cyber liability insurance to protect them in case their systems are hacked, or if important data is compromised or stolen. According to Wikipedia, “coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.”
Who needs to be covered by Cyber Liability Insurance?
It is important for a businesses that take credit cards or that store information on customers to consider cyber liability insurance. Large companies like Home Depot and Target have been attacked, so corporations large and small are at risk. There are different levels of exposure requiring different levels of coverage. To get cyber liability insurance, an individual or business can usually add it under their general insurance policy. Ask your insurance provider.
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