Cyber Liability Insurance
Cyber Liability Insurance Information
Businesses across the country are often victims of cyberattacks. From phishing emails, ransomware and even more complex social engineering attacks, businesses experience sensitive data losses and even substantial financial losses from these malicious incidents. These attacks are damaging to a business’s reputation and its economic survival.
All businesses have areas of vulnerability, but generally, the larger the company, the greater the risk. Cyber insurance is the best defense from a damaging cyberattack, which many businesses choose to add to their business insurance portfolios.
How Does Cyber Insurance Work?
Traditional business liability policies don’t offer much protection against cyber exposures. On the other hand, cyber insurance works by helping businesses recover from financial losses due to cyberattacks or other tech-related risks and investigations or lawsuits following an attack. This coverage enables a company to effectively respond to an attack and recover lost files and income.
The four most prominent cyber risks are privacy risk, security risk, operational risk and service risk. Cyber insurance can protect your business from these risks with these distinct areas of coverage:
· Network security and privacy liability
· Network business interruption
· Media liability
· Errors and omissions
J.S. Edwards & Sherlock can help you evaluate your current insurance coverage to determine if you have the protection you need, especially in a cyber incident.
What Is the Cost of Cyber Insurance?
The cost of insurance varies because of numerous factors, including the number of customers, clients or patients, the type of sensitive data and information you store, your business’s revenue and your claims history.
We Can Help
One size doesn’t fit all, especially when discussing cyber insurance. The J.S. Edwards & Sherlock team can help protect your business with a cyber insurance policy tailored for your company. Call us at our Beaumont, Texas location at 409-832-7736 or our Houston office at 713-669-0234 to add this critical protection.