The Internet has become a way of life for American consumers and businesses. From banking to shopping to social media, we release a lot of financial and personal data to the online world. It is incredibly convenient to conduct business online and most people and businesses don’t consider that they could be the next victim of a cyber attack. Unfortunately, cyber criminals have become much more sophisticated as well. From phishing schemes to malware to large-scale DDoS attacks, everyone who uses a computer is vulnerable. While that sounds discouraging, the good news is that you can protect yourself with cyber liability insurance.
Cyber liability insurance is a sub-category under a general insurance policy that protects individuals and businesses from online risks and liability they may face from Internet activities carried out by others. If you purchase a policy, you can choose from first-party or third-party coverage. The first type compensates you for direct losses from cyber crimes while the second type also covers claims and other legal actions initiated by business partners or customers who suffered a loss due to a breach in your business security.
Insurers offering this coverage typically cater to small and mid-sized businesses to entire enterprises and corporations. For business customers, the insurance policy covers losses stemming from the collection of private data such as social security numbers, credit card numbers, and contact data such as customer addresses and telephone numbers.
Individuals can also consider purchasing cyber liability insurance if they’re concerned about issues such as restoring their identity and credit as well as pursuing legal action against those responsible for these crimes. Some plans also offer coverage for physical damage to the computer as well as virus protection.
You naturally want to know what your policy will cover before investing in it. Here are some of the most common losses that a first-party cyber insurance policy will pay:
The following are common types of coverage under a third-party cyber liability policy:
When the Internet is your lifeline, a cyber liability insurance policy just makes sense. Alliance Insurance has partnered with Applied Business Solutions, provider of CyberPro, a unique and proprietary insurance product providing comprehensive technology protection and cutting edge solutions.
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