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.