Cyber Liability Insurance

Cyber Insurance is critical because…

Regardless of how large or small a business is, cyber insurance is essential so long as internet security remains in the state it is in.  The service providers that businesses utilize are not liable for their security flaws- something we all agree to in the terms and services contract when we first install a program.  Cyber insurance will cover financial losses, lost income as a result of a hack, will pay ransoms for ransomware, and help restore your systems following a breach, and will replace hardware if necessary. The insurance companies have specialized cyber forensics teams to investigate and make sure you are back up and running as soon as possible.

Cyber Liability Insurance is filling an enormous gap in coverage that not so long ago didn't exist. Being so new, the Insurance Services Office, the organization that has brought standardization to many of the forms everyone has heard of, does not offer a standardized form.  Each company is crafting their own so be very thorough in reviewing coverage. 

For further reading please refer to the following blog posts...

https://www.batchelderbros.com/blog/2017/4/19/there-is-no-such-thing-as-cyber-security

https://www.batchelderbros.com/blog/2018/1/12/cyber-insurance-will-change-everything