Cyber Liability Insurance for Businesses 

As many workplaces continue to integrate and rely on digital solutions and online operations, cyber risks and exposures have become a growing concern. While technological advancements can improve efficiency and inspire innovation, they may also create or exacerbate opportunities for cybercriminals, necessitating appropriate planning. Understanding and securing cyber liability insurance may now be an essential investment.

What is Cyber Liability Insurance?

As its name suggests, this type of policy can provide financial protection for incidents related to cyberattacks and data breaches. Also known as cyber insurance, your policy may provide financial assistance in response to various types of incidents and attacks, including phishing, malware infections and ransomware attacks. Without appropriate coverage, you’d potentially be left on your own to manage resulting expenses and losses.

What Can Policies Cover?

In the event of a covered cyber incident, your business can submit a claim against its cyber liability insurance policy, potentially securing critical financial assistance. Specifically, your coverage might curb the impact of the following:

• Incident response costs—Your coverage might help pay for digital forensics personnel, costs of notifying affected parties and hiring a public relations firm to manage reputational repercussions.

• Business interruption losses—Cyber liability insurance might compensate your company for lost income due to system downtime caused by a breach.

• Fraud and credit monitoring needs—Your policy may issue aid if you need to pay for credit and fraud monitoring services to affected individuals, such as clients and customers.

• Legal expenses—If affected parties sue your business following a data breach, your insurance may help pay for attorney fees, settlements and court-ordered judgments.

Who Needs Coverage?

Cyber liability insurance has become increasingly important for businesses of all sizes and across many industries in recent years. Whereas perpetrators may have previously focused primarily on larger corporations or government entities, small- and medium-sized companies may now also present attractive targets.

How to Get Cyber Insurance Near Me

If you operate a business in West Des Moines, IA, McCartan Insurance Group can help you assess and address your coverage needs. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.