Cyber insurance

Cyber insurance generally covers your business’ liability for a data breach involving sensitive information.

Besides legal fees and expenses, cyber insurance typically helps with:

• Notifying customers about a data breach
• Restoring personal identities of affected customers
• Recovering compromised data
• Repairing damaged computer systems

Most states require companies to notify customers of a data breach involving personally identifiable information2– a process that can be very expensive. And even though most states don’t require companies to offer free credit monitoring following a breach, such a gesture goes a long way with public relations.

Three cyber insurance coverages and services:

Data compromise protection: which includes credit monitoring and services provided by a public-relations firm.

Identity recovery protection: which helps victims of identity fraud restore their credit history.

Cyber Protection: which protects your business against damage caused by a virus or computer attack, as well as helping with the cost of restoring and recreating data.