What is cyber liability Insurance?
Cyber liability insurance covers the costs and legal costs of data breaches caused by hacking or theft or loss of customer PII (personally identifiable information). Data breaches can occur even when you leave your laptop in a taxi and data is taken from it.
Every online business is at risk of cyber-attacks. The number of cybercrime victims is up to 1,000,000 per day in 2017. Now it may be time to take action to buy the right cyber insurance for your business.
Why you need cyber liability insurance?
Since 2017, the cybersecurity community seems to have entered the “dark night”. In March, 21 million Gmail and 5 million Yahoo accounts were sold in the black market; in May, the Ransomware swept the world and invaded nearly 300,000 computers in more than 150 countries. In June, a Trojan program called “Dark Cloud III” spread a lot on the Internet; earlier of 2018, A data company called Cambridge Analytica steals 50 million Facebook user profiles, predicts their political preferences based on their daily preferences, personality traits, and educational level, and pushes the news accurately to achieve brainwashing goals; in November 2018, Marriott reservation system had been breached, 500 million guests information is exposed.
According to statistics, the annual business losses caused by cyber-attacks amount to 400 billion US dollars. Mature network companies in Europe and America account for about 10% of total IT investment each year. The shocking cybersecurity incident has caused global citizens to fall into an unprecedented panic, and once again reminded the public that cybersecurity prevention is imminent. Cyber liability insurance can help prevent the huge loss of the company, while avoiding the loss of consumers’ confidence in your company.
What does cyber liability insurance cover?
Costs include business disruptions, criminal investigations and data recovery costs, extortion (virtual hostage fancy) costs, and crisis management costs incurred to restore your corporate reputation after a data breach in a cyber-attack. The coverage of such policies also includes self-defense costs, mandatory notice fees and other legal fees (including regulatory fines) that create a serious financial burden.
Who do we help cover?
- Anyone who receives and transmits third-party data or information for the course of businesses.
- Anyone who transact personal and financial data
- All manufacturers, importers and wholesalers who may experience supply chain interruption, business interruption and damage to the third party due to the cyber attack