Cyber liability insurance is designed to cover losses related to hacking
A cyber insurance policy also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event. Most notably, but not exclusively, 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 insurance can help protect your business from major expenses, business losses, and regulatory fines and penalties should a data breach occur. Cyber liability insurance is designed to cover losses related to hacking that other business policies will not cover.
Cyber liability policies typically include various property and crime coverage. They also cover certain costs, such as notification expenses, Loss or Damage to Electronic Data. These expenses can include data loss and restoration, extortion, legal fees, and regulatory fines.
In general, without cyber liability coverage, your organization is solely responsible for the financial costs pertaining to any data breaches or business disruptions due to cyber events, including loss of business, notifications to customers, a forensic investigation, regulatory fines, and damage to reputation.
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