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Key Coverages of
Cyber Liability Insurance

First-party Coverage

Covers direct expenses from a cyber incident, such as data recovery and business interruption costs.

Third-party Coverage

Protects against claims by third parties affected by a cyber incident involving your business.

Breach Event Response

Assists in addressing a cyber incident with services like legal support, public relations, and notification costs (Insureon, Varonis).

Real-World Applications

Data Breach at a Retail Store

Covers notification and legal costs, along with credit monitoring services for affected customers.

Ransomware Attack on a
Small Business

Assists in covering ransom payments and recovery costs.

Phishing Attack on a
Service Provider

Helps in covering legal fees and financial losses from a lawsuit by affected clients.

Don’t let cyber threats disrupt your business operations

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Frequently Asked Questions (FAQs)

It covers costs related to recovering from cyberattacks and data breaches.

Any business that stores sensitive data electronically, including small businesses.

Exclusions often include bodily injury/property damage claims, loss of property, and criminal activities.

The average cost is about $132 per month ($1,589 per year), but it varies based on several factors.

Yes, small businesses are often vulnerable and need this insurance.

Yes, it can cover ransom payments and related costs.

Yes, it covers legal expenses and settlements from lawsuits.

This varies by policy and may require specific coverage.

Immediately contact your insurance provider and follow their claims process.

Some policies may cover this, but it varies.