“Digital information is important to your business, whether it focuses on technology or not. Protecting this data should be a priority, especially if it belongs to clients. As a result, establishments like yours depend on a specific type of insurance known as cyber liability, which specializes in the many risks and challenges involving data and the technology that protects it.
What Is Cyber Liability Insurance?
Cyber liability insurance covers the various scenarios your business faces involving important customer information. This coverage mainly applies to potential breaches and compromises that endanger data. Some of this information includes driver’s license and Social Security numbers.
What Areas Does It Cover?
This insurance covers many actions following a data breach.
Lost data recovery
Information and identity restoration
Computer system repair
These actions may be costly, so let cyber liability protect your business from these risks.
Are There Different Cyber Liability Plans?
As FGIB points out, there are two main cyber liability plans that depend on the nature of your business. First-party insurance protects non-tech businesses through basic coverage against data breaches and other regular threats. Third-party insurance is specially designed to cover the risks of software and tech companies. However, some tech companies opt for both plans for maximum protection.
Cyber liability can cover your venture and clients against cyber threats. Learn about this plan and determine whether first or third party insurance is right for you.