With the reliance on digital transmissions, computer software, and technological devices for business operations, companies everywhere are exposed to new risks and exposures. The threat of cyber attack has businesses all around the globe looking for a form of protection and reliable security. Small business cyber security measures are just as necessary as the precautions taken by global corporations, although the extent of the threat may not be as severe.
Insurance Coverage Options
The insurance options for cyber liability usually cover the financial losses that incurred when a cyber-attack or data breach occurs. The coverage might be inclusive of first and third-parties. If your computers are hacked, the coverage could apply for claims that are filed against your company by those injured as a result of the hack. As referenced by the team at Arroyo Insurance programs, the most common coverages include:
Loss or damage to electronic data as a result of the cybercrime
Lost income or incurred extra expenses dealing with the aftermath of the cybercrime
Cyber extortion losses when responding to a ransom or extortion demand
Notification costs incurred following a breach to inform necessary parties
The specifics of your cybercrime liability policy will be underwritten according to the nature of your business and the extent of your exposures. Check with your agent for the best coverage options and allowable limits.