Cyber Liability Insurance in New York, NY
Cybercriminals and issues related to intellectual property have become far more prevalent in the modern business world. As workplaces across most industries add new technologies to their daily operations, they must also account for enhanced cyber risks and exposures. Hackers and others with malicious intent may be eager to take advantage of weaknesses in cybersecurity, potentially leading to costly data breaches. With this in mind, cyber liability insurance may be essential.
What Is Cyber Liability Insurance?
These policies may go by several names, including cybersecurity insurance, cyber insurance and data breach insurance. Regardless of exact terminology, they are generally crafted to help offset the financial ramifications of cyberattacks, data breaches and other incidents involving intellectual property and digital technology. Whether one of your employees has fallen victim to a phishing email, your systems have been infected with malware or other cyber incidents have occurred, cyber liability insurance can offer financial protection in the aftermath.
What Can My Policy Cover?
Following a cyber incident, you can submit a claim for financial assistance against your policy. If approved, cyber liability insurance companies may issue a payout that can assist with various losses and expenses, such as the following:
- Breach notification costs—If you need to let other parties, such as clients, know that their data was compromised, your policy can help pay for such expenses.
- Incident investigation expenses—If you want to hire digital forensics professionals to look into the breach, your coverage might help manage fees.
- Reputational rehabilitation needs—Cyber incidents might impact your credibility, but your insurance might help you hire a public relations firm to minimize repercussions.
- Business interruption losses—You might lose out on significant revenue by having to shut down networks or otherwise pause operations due to a cyber incident, but your insurance might reimburse you for these losses.
- Legal costs—Affected parties may sue your business if their data was compromised in a breach. Fortunately, your insurance might issue aid, including paying for attorneys, settlements and judgments.
How Much Does Coverage Cost?
Your cyber liability insurance rates may vary, as carriers must weigh your unique circumstances and subsequent risk levels. Specifically, the following criteria may be considered:
- Industry
- Workforce size
- Number of clients
- Estimated annual revenue
- Types and amounts of data you work with
- Existing cybersecurity controls
- Prior claims history
We’re Here to Help
Contact KJE Insurance Services today to discuss your coverage options and find the right cyber liability insurance policy.