Why is this coverage so important?
Today’s business relies on computer systems and data to operate. The risk of cyber-attack is growing and the cost of recovery can be substantial.
There are two kinds of Cyber related insurance. Data Compromise and CyberOne.
Data Compromise is designed to help businesses notify and assist affected individuals following a breach of personally identifying information. Some things that could cause the breach include: theft of data or device, Malware, hacking, or employee error.
The insurance includes response expenses and defense and liability coverage.
Cyberone Insurance protects businesses against damage to electronic data and computer systems due to a computer attack. The two areas of coverage are: Computer attack and Network Security Liability. Some things that could cause damage include: Hacking, worms, viruses, Trojans, phishing, ransomeware, spyware, malicious code, or theft of trade secrets.
The insurance covers the costs of data recovery, system repair, loss of business, legal defenses and liability costs.