What Is Cyber Insurance And Why Do You Need It?

At Cecil W. Powell we recognize the significant risks that cyber-attacks and security breaches can pose for your business.  Any company that uses technology today is at risk.  The increase in data breaches is unprecedented in the past five years; it seems like we hear about a new one on the news on a regular basis.   Just one event of a stolen laptop or one virus or a successful hacker can create not only massive business headaches but huge expenses and damage to your business reputation.  Cyber liability can help with those costs.  The exposure to the employer or business has gone up exponentially due to Federal and State regulation.  If you do e-commerce, take credit cards or ask for PII (Personally Identifiable Information) from clients or employees you are at risk.

The results of a recent  Kaspersky Lab study highlights the need for business owners to protect their interests with comprehensive cyber insurance. There is no one-size-fits-all solution when it comes to Cyber Liability Insurance. We work with your company to provide insurance coverage options for a variety of technology services and products based on your specific needs.

Some top insurance carriers offer Cyber Liability policies for companies of all sizes.  This product is not a one size fits all but is custom tailored to fit the business it is designed to protect. It is important to make certain your agent or broker is adept at navigating this marketplace.

Some Expenses that can be covered by Cyber Liability Insurance:

  • Notification costs
  • Loss from identity theft
  • Fines and penalties
  • Credit monitoring
  • Business interruption
  • Data loss or destruction
  • Fraud, transfer of lost funds or extortion

At Cecil W. Powell & Company, we have the knowledge and experience to help custom tailor a Cyber Liability policy to fit your business needs.

Cyber Insurance - Cyber Liability Insurance