Cyber Liability Insurance: Why It’s a Must for Modern Businesses 

As technology becomes more central to daily operations, business risks associated with data breaches, ransomware and other cyber incidents continue to rise. Responsibly run commercial enterprises must adapt to their changing risk profiles, including by understanding and securing appropriate insurance. Fortunately, the team at TechFirst Insurance Agency has ample knowledge and experience providing cyber liability coverage.

Understanding Cyber Liability Insurance

Also known as cyber insurance and cybersecurity insurance, cyber liability policies are focused on helping businesses manage the financial and reputational fallout from many common digital incidents. This coverage can address a range of scenarios, including data breaches, cyberattacks and accidental data loss. Your business may be able to file a claim and receive financial aid for costs and losses arising from the following:

• Notifying affected parties after a data breach
• Restoring compromised data and systems
• Managing legal fees and regulatory fines
• Recouping business interruption losses
• Hiring a public relations firm to help repair your reputation

Why Is This Coverage Important?

Today’s business landscape is often fast-paced and highly connected, making many companies prime targets for cybercriminals. Many state regulations may also require businesses to take specific steps to protect sensitive information. With these things in mind, even a single cyber incident can lead to significant financial losses, legal challenges and damage to your reputation.

How Much Does Coverage Cost?

Cyber liability insurance rates can vary significantly depending on your business’s circumstances. Carriers must carefully analyze various factors of your company, often including the following:

• Industry
• Workforce size
• Location
• Types of data you work with (e.g., Social Security numbers, health records and banking information)
• Claims history
• Coverage limits

We’re Here to Help

Lacking cyber liability insurance could have dire consequences for your Queensbury, NY business. Address these needs by tapping into the collective knowledge of our team at TechFirst Insurance Agency. Contact us today to discuss your cyber coverage needs and find the right policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.