Cyber Liability Insurance That Fits Your Organization
Clements’ Cyber Liability insurance coverage protects commercial and non-profit organizations of all sizes to help cover the costs of regulatory compliance, data recovery, and reputation support. Our experienced team also understands the regulations faced by organizations operating in multiple countries and can offer cyber liability as part of a customized suite of management liability protections or as a standalone policy.
Comprehensive Protection of Your Online Assets
Benefits Include
The cost of breach notifications required domestically and internationally and regulatory responses
Technical or legal services for responding to government inquiries regarding the cyber-attack
Forensic analysis and fees to determine the nature and extent of the breach
Crisis management including the cost of public relations campaigns
Cost to recover funds transfer fraud and electronic data restoration expenses
Liability and legal expenses to help cover settlements from possible stakeholder lawsuits, fines, investigations, penalties, and other regulatory actions
Business interruption and lost revenues
Minimize Your Organization’s Risk
Who Needs Cyber Liability Insurance?
In short, Cyber liability insurance is an essential investment for any business. It can help you protect your finances, your reputation, and your business.
In today’s digital world, every organization, regardless of size or industry, is at risk of a cyberattack. This includes businesses of all sizes, from small startups to large enterprises, as well as non-profit organizations, government agencies, and educational institutions.
Cybercriminals are constantly developing new and sophisticated methods to steal data, disrupt operations, and damage reputations. A data breach can be devastating for a business, resulting in financial losses, legal fees, and reputational damage.
This is true for all businesses but especially those that:
- Accept credit card payments
- Store personal identifiable information (PII), such as names, addresses, social security numbers, etc.
- Use cloud-based computing
- Have a large online presence
Why Do Businesses Need Cyber Liability Insurance?
Protect your finances: A data breach can be very expensive. The number of data breaches is on the rise, and the average cost of a data breach is now over $4 million. Cyber liability insurance can help you cover the costs of a data breach, so you don’t have to go out of business.
Protect your reputation: A data breach can damage your business’s reputation. Customers may lose trust in your business if they know that their data has been compromised.
Mitigate liability for damages: If a cyberattack occurs at your organization and results in damage to third parties, you could be held liable for the damages. This could include costs associated with data recovery, notification, credit monitoring, and legal defense.
Comply with regulations: Many countries and industries have regulations that require businesses to have cyber liability insurance. Cyber liability insurance can help you meet your compliance obligations.
Prevent disruption in your operations: A cyberattack can cripple your business operations, leading to lost revenue, productivity, and customer trust.
Protect against cyber extortion: Some cyber insurance policies include coverage for ransom payments in case of a cyber extortion attempt, where attackers demand payment to prevent the release of sensitive information or to restore access to systems.
Have peace of mind: Knowing that you have cyber liability insurance will give you peace of mind. You’ll know that you’re protected in the event of a cyberattack.
Book a Free Consultation
If you are not sure whether your organization needs cyber liability insurance, reach out for a free consultation.
It is a small price to pay for peace of mind knowing that you are protected in the event of a cyberattack.
What Types of Cyberattacks are Covered by Cyber Liability Insurance?
Data breaches
Malware attacks
Social engineering and phishing attacks
Ransomware attacks
Denial-of-service attacks
It’s important for businesses to carefully review the terms and exclusions of their cyber insurance policies to understand the extent of coverage provided and any limitations or conditions that may apply.
Cyber Liability Insurance FAQs
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We are Here to Help
Still have questions? Fill out the form below and get in contact with a Clements Business Insurance Advisor today.
From quote to claim, our licensed account executives can service all your commercial insurance needs.
Cyber security statistics source: CyberTalk