Cyber liability is a fast-emerging area, but the coverage and policy forms are completely non-standardized. Unless your broker understands your unique exposures as compared with the policy coverages, you could be buying a lot of empty promises – and not receiving the coverage you need in the event of a claim.
Retail and e-commerce businesses are obvious targets for cyberattacks and data breaches, but all companies that store personal identifiable information (such as social security numbers and dates of birth) are at risk.
Having the right cyber liability insurance can protect you from:
- Lawsuits
- Loss of income
- Business interruption
- Damaged reputation
- Notification and credit monitoring expenses for affected persons