Cybercrime is among the gravest threats that businesses face in the modern-day. Many businesses neglect their own cybersecurity and even those with the strongest defense are at risk from the evolving communities of hackers. When cyber threats inevitably hit, businesses can be saved from financial ruin thanks to professional liability insurance cyber coverage. There are suites of insurance policies designed to protect businesses from cyber threats, including some of the following incidents which aren't covered under general liability plans.
1. Data Breach
Businesses are trusted with sensitive information concerning their customers, which hackers can gain full access to in the event of a breach. Cyber insurance helps with the costly process of notifying customers about a data leak and can even extend to offering free credit monitoring to affected individuals.
2. Compromised Data
Another expensive task that a business must undertake after a cyber-attack is recovering compromised data. A solid cyber insurance plan will soften the financial blow when this expense is incurred.
3. Damaged Systems
A particularly brutal cyber-attack can leave computer systems damaged or unusable. These systems will have to be repaired or replaced to get business operations up and running again, which cyber insurance will assist with.
Businesses of all sizes need professional liability insurance cyber coverage to protect their operations. General liability often covers injury and property damage, but rarely includes coverage for cybercrime. A dedicated cyber insurance plan is necessary for financial security.