This type of insurance protects your business against the liabilities associated with internet laws, cyber security laws, data protection laws, misuse and mismanagement of electronic and personal data, losing information, hacking, and any other type of risk, loss or liability associated with the internet and electronic use of important data.
Cyber liability insurance covers the following for individuals – birth records, medical records, debit and credit card numbers and ATM pins, passport information, driver’s license information, bank account numbers, and any other type of important personal information of an individual that is available online or as part of the electronic records of different agencies. This information is very sensitive and can be misused if it enters the wrong hands or it can get lost.
Cyber liability also protects the company or corporate information such as proprietary rights and intellectual properties belonging to the company. Loss and misuse of this data can cause severe loss and damage to the company or business. Hacking and security breaches are becoming more and more common these days so cyber liability insurance should cover first party losses as well as a result of cyber-attacks. Loss of revenue, costs of rectification, cyber extortion, lost or destroyed data, lost income and monitoring and investigation expenses are also included.