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Why Your Business Needs Cyber Liability Insurance

Cyber Liability Insurance: Protecting Your Business from Digital Threats

In today’s digital age, businesses of all sizes are increasingly vulnerable to cyber-attacks and data breaches. These incidents can result in significant financial losses, damage to a company’s reputation, and even legal action. That’s why it’s important for businesses to consider cyber liability insurance as part of their overall risk management strategy.

What is Cyber Liability Insurance?

Cyber liability insurance is a type of insurance policy that provides coverage for a range of expenses related to a cyber-attack or data breach. This can include the costs associated with notifying customers of a breach, legal fees, credit monitoring services, public relations expenses, and other related costs. Cyber liability insurance can also cover damages resulting from the loss or theft of sensitive information, such as credit card numbers, social security numbers, and other personally identifiable information.

Why is Cyber Liability Insurance Important?

As cyber threats continue to grow in complexity and frequency, businesses face increasing risks of cyber-attacks and data breaches. These incidents can have significant financial and reputational consequences, particularly for small and medium-sized businesses that may lack the resources to recover from a cyber attack on their own.

Cyber liability insurance can help mitigate these risks by providing coverage for a variety of expenses associated with a cyber incident. This can help businesses recover more quickly from a breach and minimize the potential financial impact of the incident.

What Does Cyber Liability Insurance Cover?

The coverage provided by a cyber liability insurance policy can vary depending on the specific policy and the needs of the business. However, most policies will typically cover the following:

  • Data Breach Notification: Cyber liability insurance can cover the costs associated with notifying customers or clients of a data breach. This can include the cost of printing and mailing letters, setting up call centers, and providing credit monitoring services.
  • Legal Fees: Cyber liability insurance can cover the legal fees associated with defending against claims related to a data breach or cyber attack. This can include lawsuits brought by customers, clients, or regulatory agencies.
  • Public Relations Expenses: Cyber liability insurance can cover the costs associated with managing the public relations fallout from a data breach or cyber attack. This can include hiring a public relations firm to manage media inquiries and create a crisis communications plan.
  • Cyber Extortion: Cyber liability insurance can cover the costs associated with responding to a cyber extortion attempt. This can include payments made to extortionists to prevent the release of sensitive information.
  • Business Interruption: Cyber liability insurance can cover the costs associated with a loss of income due to a cyber incident. This can include lost profits and expenses related to restoring computer systems.
  • Cyber Liability: Cyber liability insurance can cover damages resulting from the loss or theft of sensitive information, such as credit card numbers, social security numbers, and other personally identifiable information. This can include costs associated with identity theft, fraudulent credit card charges, and other related expenses.

How to Choose a Cyber Liability Insurance Policy

When choosing a cyber liability insurance policy, it’s important to consider the specific needs of your business and the potential risks it faces. Some key factors to consider when choosing a policy include:

  • Coverage Limits: Make sure the policy provides sufficient coverage for your business’s needs, including potential costs associated with a cyber incident.
  • Exclusions: Review the policy’s exclusions to ensure that it covers the types of incidents that are most relevant to your business.
  • Deductibles: Consider the deductible amount and how it will affect your ability to recover from a cyber incident.
  • Policy Terms: Review the policy terms and conditions to ensure that they meet your business’s needs and that you understand the coverage provided.

Conclusion

Cyber liability insurance is an important tool for businesses of all sizes in today.

 

How To Protect Your Identity During The 2019 Holiday Season

 

Black Friday and Cyber Monday coming, and holiday spending will continue right up to December 24th. According to the Nation Retail Federation, 84% of Americans will use the internet to shop during the holidays. Even during non-holiday times, people are using noncash transactions for the purchases of goods and services.

  • Consider identity theft insurance.
  • When shopping, only take the credit cards you need.
  • Review your bank statements to make sure all transactions are correct.
  • When online shopping, only use sites you have used before or those that are reputable.
  • Make sure your antivirus and anti-spyware software is up to date.
  • Don’t open emails from people you don’t know, even if your name is in the reference line.
  • Don’t shop on unprotected wireless networks. Enjoy your coffee at the coffee shop, but do your shopping at home.
  • Use complex passwords and change them regularly.
  • Keep your Social Security Card and number locked up.
  • Keep your laptop or tablet locked in the trunk.
  • Keep receipts in your purse or wallet, not in the bag.

Identity Theft insurance

Identity Theft Protection assists with the costs of restoring and repairing a consumer’s identity and credit history. Call our office for a quote.

Oakwood operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals.  Our competitive advantage comes from the objective and professional service that we provide our access.

Oakwood is involved with numerous local, state and national insurance associations and communities. The agency encourages employees to devote time to these endeavors. Oakwood’s approach is one of total risk management, encompassing the areas of property & liability insurance, automotive insurance, worker’s compensation, professional liability, individual or group accident & health insurance, life insurance, contract surety bonds, and personal insurance. Oakwood provides an in-depth range of insurance products and services to assist in securing our clients’ future. We are an agency committed to excellence, founded on the principle of integrity.