Cyber Liability, also known as Data Breach, coverage is becoming an increasingly important component to many businesses’ insurance programs. These policies can help cover costs resulting from a data breach such as:
- Notification Expenses
- Credit Monitoring Expenses
- Data Restoration Expenses
- Third Party Defense Costs
Any business, small or large, that holds any personal information on their customers, patients or employees is at risk for some sort of data breach. The costs a business could face after a data breach can add up quickly. In fact, the average cost for each lost or stolen record containing personal information was estimated to be $148 in 2018.1
In today’s world, protecting your digital assets is becoming just as important as protecting your physical assets. An experienced agent here at Beehive Insurance can help you find a Cyber Liability policy that best fits the needs of your business.
1 IMB Data Breach Study – https://www.ibm.com/security/data-breach