Cyber Liability Insurance

In order for your business to grow and flourish, it has to be protected. Traditional professional liability insurance policies do not typically protect against cyber exposures. Cyber liability insurance protects you and your business from a variety of modern-day threats.

New exposures continue to arise as the dependence on technology increases for successful business operations. One mistake can drastically change a business’s future. No company is immune to cyber liability risks.

As more and more information is stored and transferred virtually, stolen or hacked accounts can instantly put sensitive business and personal data in the wrong hands. The ways cyber exposures threaten companies are mounting daily. The possible cyber liability risks may include the following:

Data Breach. A breach may result in unplanned costs for security fixes, identity theft protection for the affected parties, and possible legal costs. This could also lead to a company’s reputational ruin.

Cyber Extortion. Cyber criminals often hold a hacked system at ransom, leading to temporary loss of revenue, costs to pay their demands, and rebuilding any damage caused by hacking.

Damage to a Third-Party System. You could be held liable for damages caused to a third-party if a virus is sent from your system.

System Failure. Business liability policies typically cover system hardware damaged in natural disasters or fires, however the loss of data as a result is often not covered.

Intellectual Property Rights. Anything put on a company website or social media page exposes the business to copyright or trademark infringements.

Business Interruption. There are many ways a cyber attack could effect day-to-day operations. For example, systems may be shut down during a breach. Once systems are recovered, time and resources will be still be focused on restoration, resulting in further losses.

IBA can provide resources to pinpoint where your business can be susceptible to cyber attacks, the processes you can put into place to help prevent them, and the insurance to help you recover financially. Our cyber liability services cover data cleaning and restoration, breach notification costs, regulatory fines, cyber extortion or ransom, and public relations expenses.

Our professional and cyber liability services protect your assets, so in the case of an error, your business can continue to thrive, even in the face of adversity.