Cyber Liability Insurance covers your business against the expense and legal costs associated with data breaches, which may occur after being hacked or from the theft or from loss of client information (you could even be covered for a data breach when leaving a laptop in a taxi).
Expenses include the cost of business interruption, forensic investigation and data recovery, extortion (a fancy word for virtual hostage!) and crisis management costs to salvage your business reputation after a data breach from a cyber attack. The policy also covers the financially crippling costs of defending yourself, mandatory notification costs and other legal costs.
- Business interruption costs
- Investigation and data recovery costs
- Fines and penalties
- Extortion costs
- PR and crisis management costs