Cyber Liability Insurance in West Palm Beach FL

Technology has changed the way many types of companies do business. Online solutions and digital advancements have allowed many companies to automate tasks, streamline operations and conduct business in cyberspace. However, all these conveniences and opportunities invoke a changing risk profile, as businesses must account for new or exacerbated exposures. Understanding and retaining suitable cyber liability insurance should be a top priority.

What Is Cyber Liability Insurance?

Also known as cyber insurance and cybersecurity insurance, these policies serve the general purpose of financially protecting policyholders from the potential impacts of data breaches and other cyber incidents. Phishing, malware and other digital events can be just as devastating as those that might impact your tangible assets, if not more so. The right cyber liability coverage can be pivotal in limiting subsequent consequences.

What Does My Policy Cover?

When your business experiences a cyber incident, it may face many direct and indirect losses and expenses. Such costs can have dire implications for your company’s financial situation and you might also face significant reputational harm. Fortunately, if you have cyber liability insurance, you may receive aid for the following losses and expenses:

• Incident investigation costs, such as to hire digital forensics professionals

• Breach notification expenses, such as for informing affected parties their data may have been compromised

• Business interruption losses, including replacing the income you would have earned if not for delays caused by the incident

• Reputational rehabilitation needs, such as for hiring a public relations firm

• Noncompliance fines, including those issued by regulatory bodies for insufficient cybersecurity controls

• Legal costs, such as if your business is sued by affected parties

Who Needs Coverage?

Cyber liability insurance has emerged as a core pillar of many companies’ insurance portfolios. Given the prominence of digital technology in modern workplaces and cybercriminals’ evolving attack methods and target selection, your business should take cyber coverage needs seriously. In some cases, clients and customers may even refuse to work with you unless you have suitable coverage.

We’re Here to Help

Contact Global Insurance and Tax Services today to learn more about cyber liability coverage or compare personalized quotes.