Unless you’re a cash-only 7-11 with lemonade-stand revenue, your business is most likely enjoying the convenience of today’s tech, while at the same time fearing the consequences of hackers.
These virtual jerks can rob you blind and destroy your business while eating sugar-based cereal in their underpants.
There are a lot of ways a data breach can happen. If it does (we hope it doesn’t), it’s a wise decision to have a solid game plan and a sweet cyber liability insurance policy to help your company stay alive.
To make a long story semi-short, it’s a contract between a business and an insurance company where the insurer will pay for expenses like fees, fines, lost income and PR (depending on coverage) to help the company recover from a number of threats and incidents.
The short answer is "No" or “Meh” at best. Traditional policies like professional and general liability have significant gaps in coverage for digital exposures and are often issued with broad exclusions and all kinds of loopholes.
If your company gets hacked, cyber liability insurance can save you from a door-closing disaster in a number of ways, but if you feel like you’re too cool to have adequate coverage, you may find yourself liquidating your assets on Craigslist.
Some bad things that could happen:
In the event of a breach, one of the biggest things you can lose besides street cred is your customers. It should be no surprise that they’re the reason you’re in business.
Large companies are not the only targets. Actually, smaller shops are a much tastier option since most don’t have the funds to keep their goodies properly protected. Sadly, 60% will find themselves out of business within six months following a data breach. Here’s an example of why:
Using the NetDiligence® Data Breach Cost Calculator, this will cost:
Total cost: $194,390 | Total cost per record: $97
Lawsuit cost: $582,160 | Total cost: $784,950 |Total cost per record now: $392
Guess what that equals? CLOSED DOORS
A cyber liability insurance policy provides a company with the mighty coverage needed to karate-chop a wide range of nasty threats and incidents that would be classified as breach events.
Cyber liability insurance provides coverage for:
We have partnered with Risk Placement Services (RPS) to bring you an easier way to get accurate cyber liability insurance quotes in minutes. With this shiny state-of-the-art process, you’re now only four simple questions away from binding coverage up to $100 million in revenue.