Cyber Liability Insurance
Cyber Liability Insurance Information
Cyber liability risks are a growing threat for businesses. If a hacking attack compromises your data, your business can be held liable. Contact a Franklin Insurance Agency Inc. agent today to learn more about the benefits of cyber liability coverage for your business.
What Does Cyber Liability Insurance Cover?
Cyber liability insurance covers a multitude of risks, including:
Extended coverage is available depending on the needs of your business. To determine what coverage you need, contact an agent today.
What Are Common Cyber Liability Risks?
There are several common cyber liability risks associated with having computer systems and customer data, including:
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Liability. You could be liable for costs incurred by customers and other third parties due to a cyber attack.
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Notification expenses. If your business stores customer data, you may be required to notify customers if a data breach has occurred or is even suspected. This can be expensive, depending on your customer base.
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System recovery. You can be liable for lost data and repair and replacement costs. In addition, your company may not be able to remain operational while your system is down, resulting in further losses.
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Class action lawsuits. Large-scale data breaches have led to class action lawsuits filed on behalf of customers whose data and privacy were compromised.
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Regulatory fines. If a data breach results from your business’s failure to meet compliance requirements, you may incur substantial fines.
Each business faces unique risks depending on a variety of factors. Contact an agent to learn more about your business’s risk factors.
How Much Does Cyber Liability Insurance Cost?
The cost of cyber liability insurance varies depending on how much sensitive and confidential data your business handles. Find out more by speaking to an agent at Franklin Insurance Agency Inc.
Learn More About Cyber Liability Insurance
Cyber liability insurance can help protect your business from the expenses of a data breach. Contact an agent today to learn more about how cyber liability insurance can benefit your business.
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