The statistics about cyber security are sobering. There is a hacker attack every 39 seconds affecting one in three Americans each year. It seems like we’re hearing about another record-sized data breach each month – Equifax, Yahoo, Gmail, Verizon, Target the list goes on and on. But it’s not only large corporations that are affected, in fact, 43 percent of cyber attacks target small businesses. The bottom line is, as long as you are connected to the Internet, you can become a victim of a cyber attack.
That is why it is so important to make sure to include Cyber Liability coverage for your company. Not every insurance product that is in the market today is created equal, so it is essential to take the time to research about what coverage exists.
My tip to you today is to ensure your Cyber Liability Insurance provides three areas of coverage:
- Breach Response
- Third Party coverage for liability
- First party coverage for you, particularly the harm to your business and business income based on reputational damage