Cyber Liability Insurance- What to look for
What should you look for when purchasing a cyber liability policy? Lets start with the basics….
Privacy Liability AND Network Security Liability are the fundamental coverage components of the Cyber Liability policy. They address different types of damages. Unfortunately, many companies are only providing limited coverage with few very few options, so it’s important to have an idea of what to look for.
What they do:
Privacy Liability- Sometimes referred to as privacy injury, information liability, or disclosure injury coverage, provides coverage against the unauthorized access to confidential information. When important information falls into the wrong hands and customers or third-parties subsequently experience damages from the wrongful use of this information, privacy liability will cover the resulting claims.
Network Security Liability- Coverage for a security breach to your network which results in damages to customers or third-party networks. A hacker infiltrating a system and spreading malicious content or disrupting/destroying networks and data will trigger coverage from network security liability.
Understand these cyber liability elements and the occurrences they cover to make an informed decision when designing the appropriate cyber liability policy for your business.