Business owners must protect their assets from cyber attacks. First-party insurance will cover losses to your business and your employees when they are working on behalf of the company. Third-party coverage includes protection against claims and lawsuits initiated by customers or clients. The most common complaints include identity or personal data theft and data breaches. Recovering stolen information, repairing systems and paying legal fees are very costly undertakings for your business.
What Type of Cyber Protection Does My Business Need?
Each business is different, so the cyber insurance needs of one company may not be best for another. It’s critical to discuss your options with your agent to ensure you have sufficient coverage to protect against the kinds of breaches and theft to which your company may be vulnerable.
For organizations involved in some type of media, such as broadcasters, publishers and advertising agencies, media liability coverage should be included in their cyber protection policy. A media liability policy typically covers the costs of settlements and legal fees. Media-related claims include the following examples:
- Copyright infringement
- Unauthorized use of materials or trademarks
- Defamation, slander or libel
- Breach of a contract or license agreement
Cyber attacks continue to increase at an alarming rate. Make sure your investment is protected with a cyber insurance policy.