Advances in information technology over the last decade have dramatically changed how business is conducted. New risks to network and information security occur at unprecedented rates with unintended consequences. Data breaches, network failures, cyber extortion, regulatory expenses, and other cyber risks are serious exposures faced by companies of all sizes in every industry. What’s more, standard Property and Liability insurance policies are not designed to cover all cyber perils.
Cyber Liability insurance addresses cyber-attacks from two angles—risk prevention and coverage (should a loss occur). Cyber insurance often promotes risk prevention by providing services and offering incentives to companies that strengthen their security. However, if an attack occurs (and for many companies, it’s not “if” but “when”), the insurance is designed to cover a multitude of losses.
Cyber Liability insurance policies are designed to cover data breaches, business interruptions, security audits, post incident public relations, network damage, customer credit monitoring services, and even criminal reward funds. Policy coverages can differ per insurer and that is why it’s important to have a broker to assist you with the process in finding the policy right for your business.
RHSB’s Cyber Liability practice strives to determine which policy best fits your business to provide mitigation of cyber risk both in terms of your own recovery expenses, as well as liability to third parties.
