What it is
Cyber liability insurance helps a business respond when something goes wrong with its data or systems, such as a breach, a ransomware attack or a fraudulent payment request. Policies vary a lot, so the details matter.
What it may cover
- Response costs such as forensic investigation, notifying affected people and credit monitoring
- Legal costs and liability claims related to a covered breach
- Ransomware or extortion demands, depending on the policy
- Lost income when a covered cyber event interrupts your business
- Some policies add coverage for funds-transfer fraud and social engineering
Who may need it
You may need this coverage if:
- You store customer, patient or employee information
- You take payments or do business online
- You depend on email, cloud tools or software to run day to day
Coverage, limits, exclusions and eligibility vary by insurance company and policy, so the policy wording is what counts.
Questions worth asking
- What is covered for response costs, and are there sub-limits?
- Does it include business interruption and ransomware?
- Are there security requirements, such as multi-factor authentication, to qualify?
- Does it cover payment fraud and social engineering?
Related coverage
Reviewed by a licensed agent. A licensed CBIS agent goes over this section with you, so you only look at what fits your business.
Ready to talk it through? Call (858) 283-7575 or book a free call with a licensed agent. Not sure this is the right coverage? Start with our guide: what insurance does my business need?