Cyber Liability Insurance / Data Breach
Cyber liability is the fastest growing insurance type. Cyber threats today include ransomware, funds transfer fraud, business email compromise, malware, data breach, virus, and more. If your business stores customer data such as address, federal ID, payment information, social security numbers, or any other personal information, you could be liable if it is leaked or stolen. Data can be stolen if an employee’s phone or laptop is taken, if a thief breaks into your building and steals hardware, or if a hacker steals data from your server. Depending upon your industry, laws may require you to notify affected customers and provide other services. Standard notification expenses can be over $200 per person. Cyber liability insurance addresses this risk. READ MORE on Cyber Liability Insurance →