In the age of malicious hackers and suspicious online actors, a small flaw in your cybersecurity system can lead to an attack on your entire network. As emphasized by the National Bureau of Economic Research, cyber attacks can have catastrophic effects, leading to wasted time and money, as well as a diminished reputation and even legal obstacles as a result.

Cyber liability insurance exists to cover costs associated with these cyber attacks in the event that your business becomes victim. Some key aspects that insurance plans aim to cover are:

• Business Interruption - Lost income and potential reputational damage.
• Ransomware Response - Ransom payments and negotiation with attackers.
• Data Breach Response - Including forensic investigation of breaches, establishment of temporary customer support lines, and notifying potentially vulnerable individuals.
• Legal Expenses - Legal fees, fines, and lawsuits as a result of a breach.
• Data Restoration - Costs of data recovery and damage to digital assets.
• Prevention - Investment in future-proofing cybersecurity systems.