Cyber liability coverage is used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.
What You Should Know
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Companies of every size have cyber risks and cyber threats are rapidly increasing.
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A data breach can damage more than just your computer system. It can damage your reputation and put your customers and/or employees at risk.
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Most states require companies to notify customers of a data breach involving personally identifiable information and the federal government also has privacy and security rules.
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Coverage limits are determined by the nature of your business. Whose sensitive data do you have access to? How is collected and how is it destroyed? How many records could be breached? Would you face a PR problem?
WHAT IS TYPICALLY COVERED?
First-party expenses
Losses sustained by your company directly.
- Legal fees and expenses
- Loss or damage to electronic data
- Loss of income or extra expenses
- Cyber extortion losses
- Notification costs
- Damage to your reputation
Third-party expenses
Claims against your business by people who have been harmed as a result of your actions or failure to act.
- Network security liability
- Network privacy liability
- Electronic media liability
NEXT STEPS
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Develop IT policies and procedures to maximize your digital security
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Conduct internal audits
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Review the Data Breach Preparation and Notification for Electronic Data documentation
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Contact your Cox Insurance commercial team to discuss your options for Cyber Liability insurance
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