Cyber Liability Insurance

There are two sides to most cyber liability policies:

• First Party Liability (damages your business may sustain)
• Third Party Liability (damages your employees, customers, and vendors may sustain)

What is the difference between each?

• First Party Liability
  • Coverage for claims arising from the following:
    • Computer Fraud
    • Funds Transfer Fraud
    • Forgery and Alteration
    • Data restoration and/or regeneration
    • Crisis Management Even Expenses
    • Notification Expenses
    • E-commerce Extortion
    • Business Interruption & Additional Expenses
• Third Party Liability
  • Coverage for claims arising from the following:
    • Loss of data
    • Failure to provide notification of a breach
    • Transmission of computer viruses
    • Copyright infringement
    • Plagiarism
    • Defamation
    • Libel & Slander in electronic content
    • Actions imposed by governmental authorities

If you don’t currently buy the coverage, how are you mitigating your exposure to the following daily encounters?

• Online banking
• Writing checks
• Automatic drafts coming out of your checking account
• Online promotions
• Facebook pages and content (or other social media platforms)
• Confidential employee data
• Customer credit cards and personally identifiable information
• Employee computer and network access
• Security of third-party vendors
  • Ultimately, you’re responsible for your data
• Mobile technology (smartphones, laptops, tablets)
• Email scams and phishing
• Social engineering threats (trickery used to get you to voluntarily part with funds)
  • • ***Voluntary relinquishment of funds is generally excluded on your crime coverage*** (see our Social Engineering Blog for more information)

To learn more cyber liability insurance and why it's important, contact us or fill out our quick and easy quotes form today!

Not ready to purchase cyber insurance? Check out this blog to learn more about products you should consider using to protect your money.