Companies Must Protect Data On The Internet With Cyber Liability Insurance

February 22, 2013

Every few months you hear about the latest data and security breaches to big name companies over the Internet. Hackers either steal millions of customer passwords, social security numbers, credit card numbers and other types of personal information. They can also download viruses through third-party hosting sites as the viruses and malware can infect computer networks.

Cyber Hacking A Serious Issue

Cyber hacking isn’t anything new. If you own a business that conducts operations over the Internet as you gather customer information, receive online payments, and send out data to other companies or individuals, you can be held liable if a security breach happens. Depending on what type of information becomes compromised, you could pay hundreds of thousands of dollars in damages and repairs. These costs can involve credit monitoring for potential victims if hackers steal personal credit information from customers or cleanup costs if your computers become damaged. You may also pay expenses toward litigation suits if vendors, individuals, companies or credit card issuers decide to bring legal action against you.

Look Into Cyber Liability Insurance At Central Insurance Agency

If you believe your regular commercial liability insurance policy or property policy covers cyber hacking and security breaches, the truth is that it doesn’t. You can try to argue this point with your insurance carrier, but it could again cost you large sums of money toward litigation proceedings.

Instead, you can protect your business computers and information with cyber liability insurance from Central Insurance Agency. Depending on the type of policy you get, you can have insurance that can help defray costs when a security breach happens or data is stolen. Types of coverage you can receive include:

Breach Notice Costs

When a breach happens to your networks and databases, this type of coverage will cover the expenses of notifying clients about the breach, setting up a call center and instituting credit monitoring for your clients who have become victims.

Cyber Extortion

Sometimes a hacker isn’t trying to steal information from your website or databases. Instead, they are trying to hijack your network so they can extort money from you. Cyber extortion coverage allows you to pay for the settlement and hire a security firm to go after the hacker.

Damages And Defense Costs

Lawsuits and claims can happen when there is a cyber hacking. The damages and defense cost coverage can help with defense costs during litigation cases

Denial-Of-Service Attack

Whether you are using a web hosting provider or your own computer network, it can be shut down when a cyber attack happens. With denial-of-service attack coverage, you can receive compensation for loss of income

Service Provider Breach

If you outsource any of your data to third-party data companies or the "cloud," you can receive protection for any expenses due to a cyber breach.

Crisis Management, Data Restoration and Business Interruption

It costs money to get your computer network back up and running at full capacity after a cyber attack. Look for this type of coverage to help with these costs.

Let Central Insurance Agency Provide You With Cyber Liability Insurance

It’s obvious that most companies need to invest in cyber liability insurance. So seek out an insurance agency that can provide you with the quotes you need to make the best insurance decision for your business. Central Insurance Agency is an independent insurance agency who is not affiliated to a single insurance carrier’s rates. Instead, they give you all the best options so you can shop and compare for the rates that fit into your company’s budget.