You can’t afford to do business without cyber liability insurance. With the amount of threats rising and the avenues for potential intrusions and losses increasing, you must be able to include it in your risk management portfolio. With the average loss per stolen or damaged digital record rising to $158 in 2016, these expenses can quickly add up. If you’re doing business in Indiana, cyber security insurance is a necessity to ensure you don’t take a serious hit that could put your business under.
What Cyber Liability Policies Cover
Cyber liability coverage is meant to protect your firm against major losses resulting from data corruption and security breaches. These policies typically handle expenses related to recovering assets, dealing with a breach’s consequences and business continuity:
- Notifying customers of the incident and assisting with monetary losses and credit monitoring
- Paying associated fines and legal fees
- Defending against violation of intellectual property rights
- Restoring, updating or replacing assets
- Business interruption costs
Don’t Get Caught Without It
Your business owner policies may cover a great deal of potential risks, but it’s worth making sure that you have a hedge against losses related to data losses and security breaches. For business owners in Indiana, cyber security insurance is essential. Consult with your insurance agency to ensure you have the protection you need.