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Cyber Liability Insurance

Cyber liability insurance is one of the most crucial coverages to purchase if you run a communication or technology company.

Cyber liability insurance covers the cost of recovering from cyber-attacks, such as malware, ransomware, data breach, or social engineering.

Breaches can leave your business exposed to legal claims and regulatory fines and penalties, particularly if you store sensitive user information in your databases. Companies in the technology industry consider cyber attacks a significant threat and many have been forced to pay costly compensations. Some have recovered quickly following a cyber-attack, thanks to cyber liability coverage. However, there are many unable to sustain business due to the costly impact of a breach. We will help you identify the main liabilities and discuss coverage considerations, based on business exposures.

Mitigate and protect against cyber threats

However, there are many companies unable to sustain business after the impact of a security breach. According to studies, about 60% of businesses never reopen following a security breach. Security breaches involving customer data can be costly to recover from, forcing a company to liquidate assets in an attempt to defend and compensate lawsuits. All communications and technology companies, with the assistance of their advisors should identify the key vulnerabilities and potential mitigation of their exposures. Most communication and technology companies stop with cyber-attacks and external threats, forgetting about damages that could arise from software malfunctions, failure to upgrade cybersecurity or other risks.

We are your cyber advisors

Our advisors will assist you in identifying the main liabilities and discuss coverage considerations based on your business needs. Our cyber liability program provides many key coverages such as social engineering fraud, business interruption and expenses resulting from a system failure. The program also provides expense reimbursement for breach notification, credit monitoring, forensics, extortion and many other coverages resulting from security breaches. Companies are often confused about cyber liability coverage and often end up defending and paying for frivolous lawsuits. Our advisors will help you understand the difference between a first-party and third-party cyber liability loss that leaves your business vulnerable to costly damages and litigation.