Today’s online marketplace seems to be growing at light speed. With the global pandemic, business trends have shifted to the online world and this has created a higher level of risk for cybercrime. It’s imperative to protect your greatest asset, your business, with an all-encompassing cyber liability insurance policy. If this is a foreign language to you, we get it! The Business Insurance Center has all the pertinent information you’ll need to know about why to get cyber liability insurance, what cyber insurance covers, and what to expect in cyber liability 2021.
What is Cyber Liability?
With much of the world’s economy, business transactions, and social interactions turning to online sources in the past year, cybercriminals have seized the resulting opportunities. Companies small and large, as well as individuals, are at risk for any number of internet-based crimes. Cyber insurance policies (also called cybersecurity or media liability insurance) protects businesses and individual users from internet risks, information technology infrastructure, data breaches, cyber theft, viruses, and other cyberattacks. Small businesses tend to be the most vulnerable to such attacks but corporations of all sizes are at risk without the proper protections in place. Cyber liability insurance covers the fallout that occurs from such a breach.
Why Have Cyber Liability in 2021?
The main reason to have cybersecurity insurance is that 2021 cyber threats are predicted to be at an all-time high due to the increase of online usage from Covid-19, as well as the natural growth of the online global market. Cybercrime has reached a whole new level, leaving many of us perplexed about potential risks and wondering why purchase cyber liability insurance?
2021 cyberattacks are often covered in traditional commercial general liability policies or professional liability policies, but this usually will only cover basic cyber liability. That means that your business will be left holding the bag for a majority of the resulting liability. Having a comprehensive cyber liability insurance premium safeguards you and your business from this responsibility.
What Does Cyber Liability Cover in 2021?
Many of us business owners today need cyber liability insurance coverage explained. For total peace of mind, it’s imperative to know the potential risks and how the recommended cyber liability limits cover your business from those dangers. Cyber insurance providers should always recommend that your coverage include more than just the basics. Depending on the cyber insurance carrier, comprehensive cyber liability may cover:
- First-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks
- Third-party coverage against privacy lawsuits, fines from regulatory bodies, media liability claims, breach of contract or negligence claims, failure to safeguard data or defamation
- Post-incident public relations and investigative expenses
- Criminal reward funds
The best cyber insurance policies will cover all legal claims resulting from the data breach.
Cyber Liability Insurance 2021
As one of the top cyber insurance companies worldwide, our experienced team at the Business Insurance Center stays at the cutting edge of cybersecurity trends and currently recommended cybersecurity insurance coverage. This ensures that you’re always getting the absolute best coverage available. We encourage you to get out your cyber liability insurance coverage checklist today. We know you’ll find that the Business Insurance Center’s comprehensive cyber insurance policies protect your business in every necessary way. Total peace of mind: priceless.