Cyber Liability Insurance

Cyber Liability Insurance Information

PRODUCTS THAT ARE NECESSARY TO YOUR SUCCESS

CYBER LIABILITY COVERAGE , DATA BREACH, & TECHNOLOGY E & O

Within both the smallest business and the largest corporation, secure data is critical to the company’s stability. Still, because no business is immune to data loss, all businesses need to be ready to react in the face of any challenge. Including cyber liability insurance as part your insurance portfolio will keep your operation secure in the face of problems involving your data and network security.

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Cyber Insurance Solutions for Small Business

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Why do you need BIZLock Cybercrime Protection & Insurance

Real Claim Examples

Malicious hacking of a system shutting down computer systems for an extended period of time resulting in loss of income and extra expenses
A disgruntled employee spreads a virus into a computer system destroying data (and backup sources) resulting in expenses to investigate and recreate data
Teenage hacker sabotages data network with Crypto-Locker type malware, and demands an extortion fee of $50,000 to unlock your own data
Extortion demands of $25,000 to prevent your sensitive customer data from being released on the internet, to identity thieves and the general public
Lost laptop containing sensitive personal information of customers results in a data breach requiring investigation, notification and credit monitoring expenses
Customer data is breached, class action lawsuit filed. Duty to defend policy responds

Real Coverage

BIZLock cybercrime protection delivers three essential components that help you prevent, protect and respond to cyber incidents. Resources and insurance is provided for the following:

HR, Information Security and Information Technology Modules for optimizing proactive protection
Third Party Liability Insurance Coverage and Defense
Regulatory Fines & Penalties
PCI Fines and Penalties
Cyber Extortion (e.g. Ransomware)
Business Identity Insurance & Monitoring (PRO Version)
Automatic employee identity protection
eNetwork Business Interruption
Data Reconstruction
Media / Website Liability
Breach response mitigation expenses for forensic investigations, legal, breach notifications, identity monitoring and more...

"We built BIZLock to deliver the peace of mind, resources and insurance protection you need to reinforce your prudence and to help ensure you survive a cyber incident." Tom Widman, Founder, CEO

Learn More About BIZLock Cyber Solutions

Common Cyber Liability Insurance Questions:

What is Cyber Liability Insurance?

When you collect data and store it on a computer system, you must recognize that this data is susceptible to damage, destruction or theft. When such issues occur, they could cause personal and financial challenges both for your business and members of the public. Cyber liability insurance is designed to help the business respond to data losses in ways that will prevent challenges both for both the business and affected third parties.

What Does Cyber Liability Insurance Cover?

Commercial liability insurance helps the business compensate others if an internal data loss incident occurs and puts third-party personal security on the line. Whether this loss occurs due to a cyber-attack or another form of data loss, cyber liability coverage pays for:

Stolen data retrieval and recovery

Reimbursement of fraudulent charges
Identity protection services for customers at risk of identity theft
Damage control for your business’ reputation
Legal fees associated with the attack
Regulatory notification fees

Damaged hardware is not covered by cyber liability insurance. However, commercial property insurance can provide this benefit.

Why Do I Need Cyber Liability Insurance?

Loss or theft of data is the same as any other type of property damage. It might cause significant headaches for the business, make sensitive information public and cause a lot of problems for a lot of different people. Additionally, it could lead to massive financial challenges for any business, and no business is immune to cyber threats, no matter how strong their data security might be.

In these cases the business, even though it might be a victim, still must take responsibility for remediating the matter. Cyber liability insurance is the benefit that will ensure the policyholder can do so at as minimal a financial loss as possible.

What Is the Difference Between Cyber Liability and Data Breach Insurance?
Cyber liability and data breach insurance are separate policies with some of the same features. Data breach insurance may provide enough financial protection for small businesses because it may offer first-party coverage. However, cyber liability insurance may be more appropriate for businesses facing larger cyber-related risks since it may provide both first-party and third-party coverage.

Cyber liability insurance helps companies prepare for and recover from many types of cyber attacks. Adding cyber insurance to a business policy can help provide appropriate protection with broad coverages to help shield companies from the financial impacts of numerous technology-related risks.