Data breaches and online crimes are becoming more and more common in today’s world. These types of crimes can result in major monetary losses. These events can gravely damage a business, a reputation, and a financial well-being. This type of liability insurance covers liabilities that may occur as a result of data breaches containing sensitive customer information.
Who is this type of liability insurance for?
Data breaches and online crimes do not only happen to large organizations. Often times, these breaches and crimes even happen to smaller businesses and self-owned businesses. This is an essential type of liability coverage that any business owner should consider having to protect themselves and their clients. Basic liability insurance does not cover cyber crimes, so this is an important type of insurance for business owners to consider.
How does this type of liability insurance work?
Cyber insurance will assist a business owner with any legal fees that the business may be faced with. The insurance will also assist with any tasks needed and expenses accrued after the breach. This includes notifying customers of the breach, assisting customers through recovery after identity theft, recovering data that has been compromised and repairing damaged computers and technology.
What are the different types of coverage in existence for this type of policy?
The first type of coverage is data compromise protection that includes credit monitoring and other public relations related services. The second type of coverage is identity recovery protection which assists identify theft victims in recovery. The final type of coverage is CyberOne protection offering protection from online attacks and support when recovering data after an attack.
Other than the coverage provided with each of the three types of policies listed above, there are multiple benefits as well. The main benefit is reciving assistance while managing computer security risks. These risks include breaches, data loss and recovery, attack denial, malware, viruses and any other online crimes.