Cyber Liability Insurance in San Mateo, CA
Cybercrime and cyber incidents likely represent significant threats to your organization. Regardless of your company’s size or sector, it probably utilizes and depends on technology for certain key functions. However, while various software, programs and applications can improve your organization’s operations, they may also expose you to potential cyber-related losses and damages. With that in mind, cyber liability insurance should be considered an essential loss control measure.
What Is Cyber Liability Insurance?
As its name suggests, cyber liability insurance is a type of coverage that may provide financial assistance following a data breach or other cyber incident. For example, if a cybercriminal is able to hack your organization’s network or systems and gain access to sensitive information, a cyber liability insurance policy may help limit out-of-pocket costs that may arise from the event.
How Does Cyber Liability Insurance Work?
Like many types of insurance, cyber liability policies represent formal agreements between you and your insurance company. You can purchase these policies from qualified professionals, including those at Silicon Valley Risk & Insurance Services. After assessing your risks and exposures and crafting an appropriate policy, your coverage is maintained by paying regular premiums.
What Can Cyber Liability Insurance Protect Policyholders From?
As businesses have become more dependent on technology in the workplace, they may also have become more vulnerable to cyber-related losses. Cybercriminals, in particular, have increased their activity and enhanced their attack methods, including phishing scams, denial-of-service attacks and malware and ransomware infections. Fortunately, if your organization is affected by a cyber incident, your insurance may help pay for the following coverages, depending on the policy:
- Business interruption expenses—This coverage may help your organization recoup lost or reduced income resulting from a cyber incident.
- Help for affected parties—This coverage may help pay for expenses related to notifying affected parties, such as customers whose data may have been exposed, and providing credit and fraud monitoring services.
- Enlist assistance—This coverage may provide financial assistance for costs related to managing the aftermath of a cyber incident, including digital forensic investigators and public relations firms.
- Cyberextortion payments—This coverage may compensate your organization if you must pay off a perpetrator following a ransomware infection.
- Legal costs—This coverage may help absorb financial losses arising from lawsuits related to cyber incidents.
How Much Cyber Liability Insurance Do I Need?
As with most insurance types, your organization’s specific cyber liability coverage needs may vary significantly. When exploring your options and assembling your policy, consider the following factors:
- Type of business
- Current cybersecurity measures
- Type of data stored
- Amount of data stored
Get the Right Coverage
At Silicon Valley Risk & Insurance Services, our dedicated agents have the knowledge and experience to assess and address your cyber liability coverage needs. We will work with you to analyze your circumstances, explore your options and assemble an ideal insurance policy. Contact us today to get started.