1 in 2 American internet users had their accounts breached in 2021. Yet only 1 in 10 American organizations have insurance against cyber-attacks. This is where cyber liability insurance can step in to help you.
First, what is cyber liability insurance?
Cyber liability insurance provides businesses with financial protection against computer-related crimes and losses. This can include targeted attacks such as malware and phishing as well as accidental attacks like misplacing a laptop with confidential information.
What does cyber liability insurance not cover?
Like many other insurance policies, cyber liability insurance has exclusions. Such as:
- Possible profit loss in the future
- Physical damage to the insureds personal property
- Upgrades to internal technology systems
- Loss of value due to IP theft
Cyber liability insurance cost
The cost of cyber liability insurance depends on numerous factors. Some of those include:
Revenue is one of the biggest factors in determining cyber liability costs. A company with bigger revenue will need more coverage than smaller companies.
Customer Base is another major factor in determining cyber liability cost. If your business has a large customer base, then you are likely to face a greater financial loss in the case of a cyber-attack. Although, any business that stores customer data will have a risk of cyber-attack.
Industry of what business you are in affects the cost of cyber liability insurance. If your company has a payment processer, then you are inherently more at risk.
Call or text one of our experienced Avery Hall agents today at 410-742-5111 to explore cyber liability insurance packages tailored to your business’ needs.