Cyber Liability insurance policies are designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network. This is an extremely important coverage to have in today’s internet based and technologically advanced way of doing business.
Cyber and privacy policies cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic network.
Cyber Liability policies can provide:
Expenses related to data breaches; including notifications costs, credit monitoring, costs to defend claims, fines and penalties, and loss resulting from identity theft.
Liability coverage arising from website media content
Data Loss or Destruction
Funds Transfer or Loss