Safeguard your business with comprehensive cyber liability insurance. Protect against data breaches, cyber-attacks, and online fraud.

Be prepared for paying off heavy fines and dealing with reputational damage if you have not deployed any effective system to secure your company’s valuable data!

Like most companies, your company may also store, process, send, and receive data electronically. This data might include data belonging to your business, such as sales projection, tax records, and IT reports. The data might also belong to your employees, consumers, and suppliers, which is highly sensitive. If cyber criminals access your database and steal the data or your data is lost, there can be a huge negative impact on the organization’s customer base. This risk is referred to as cyber Liability. Thanks to Cyber Liability Insurance that covers monetary losses, resulting from data breaches and several other cyber incidents.

First-party and Third-party Coverages

Most policies include first-party as well as third-party coverages. First-party coverage applies to the losses incurred by your company directly. For example, the damages done to your company’s data by a hacker, known as a cyber-criminal. Third-party coverage applies to the claims against your company by people that are affected by your actions or failure to act. For example, a client suing you for negligence as his data is hacked and leaked online.

First-party Coverages

1. Loss/ Damage to Data: Most policies include losses resulting from damage, theft, disturbance, or corruption of your sensitive data. These policies also include the data on your systems that others own. 

2. Loss of Income or Additional Expenses: This policy covers income loss and additional expenses resulting from the failure of your computer system by a covered risk. 

3. Losses Caused by Cyber Extortion: This coverage applies when a hacker or cyber-criminal gains access to your computer system and forces it to commit something that can result in huge losses. 

4. Notification Costs:  This covers the cost of notification by third parties because of a suspected data breach by government laws and regulations. It might also cover the cost of hiring an attorney to analyze your company’s obligations under relevant laws. 

5. Harm to Your Reputation: This policy covers the costs you incurred on marketing & public relations to safeguarding your company’s reputation after a data breach. 

Third-party Coverages

1. Network Security Liability: This policy includes the legal actions against you because of the inability to gain access to your computer system due to ‘Denial of Service’ attack, a virus, malware, or unauthorized access. 

2. Network Privacy Liability: This policy covers the cases against you based on the claims that you failed to safeguard the sensitive data stored on your computers.

3. Electronic Media Liability:this policy covers cases against you for acts such as defamation and copyright infringement. 

4. Errors & Omissions Liability: this policy covers the losses caused by errors and omissions, arising out of professional services. 

There are other crime coverages Cyber Liability Policy includes such as computer fraud, money transfer fraud, and acts of violence committed for political intents, known as Cyber Terrorism.