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Cyber Liability Insurance in Belmont, Lincolnton, Lake Wylie, Clover, Fort Mill, SC, and the Surrounding Areas

help protect your business from hacks, cyber attacks, and other online threats.

Cyber liability insurance developed to address your business.

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What used to be stored in filing cabinets is now stored digitally in Belmont, Lincolnton, Lake Wylie, Clover, Fort Mill, SC, and the surrounding areas, and these days often stored on machines that have access to the internet. Because hackers can now remotely gain access to this data, having cyber liability insurance from Watson Insurance Agency is a must for many businesses.

Cyber attacks are only becoming more sophisticated in their approaches, and data breaches are a real threat that can affect thousands or millions of people. Cyber liability insurance is one part of the risk management strategy that any business needs to constantly review and update. Let our team help with finding you the right cyber liability insurance by contacting us today and scheduling a review.

Why Have Cyber Liability Insurance

What could someone do with a little bit of data? It turns out, a lot! There are many cases where a company didn’t take the necessary steps to protect the data they had, or they didn’t have cyber liability insurance to help cover the costs of data breaches. Without the insurance, a business will have to shoulder the entire cost of cleaning things up, which could amount to very large sums of money. Costs of adding further cyber security enhancements, costs of notifying those affected by a data breach, and even paying for identity theft monitoring for thousands or millions of people could all be a result of a data breach.

Just like when you drive your car you don’t expect to get into an accident but are glad that you have insurance when it does happen, cyber liability insurance is the same way. Your business doesn’t intend to have a data breach, but when it happens you are glad that the insurance is in place to help cover the costs of recovery and restoration.

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Cyber Liability
Cyber Liability Coverage
Risk Factor

The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small businesses alike. But with these benefits also come challenges, including protection of privacy, data, and financial information of your customers. If this information is lost, stolen, or compromised, your company is at risk. In fact, you may even be required by law to alert those impacted by the breach and to pay for any financial loss incurred.

Solution

Cyber liability coverage offers protection due to unauthorized access of electronic data or software within your network. It also provides coverage for spreading a virus, computer theft, extortion, or any unintentional act, mistake, error, or omission made by an employee. This coverage is quickly becoming more and more important as you embrace technology to help run your business.

First-Party Coverage
Risk Factor

If your company is faced with a data breach or cyber-attack, you may be forced to cover breach-related expenses such as crisis management, hiring a public relations firm to manage a data breach incident, costs associated with forensic analysis, the cost of repairing and restoring computer systems if there is a virus that destroys business software and data, and the loss of business income resulting from a data breach.

Solution

First-party coverage will insure your business for losses to your own data or lost income or for other harm to your business resulting from a data breach or cyber-attack. This coverage will pay you for things like business interruption, the cost of notifying customers of a breach, and even the expense of hiring a public relations firm to repair any damage done to your image as a result of a cyber-attack. Having this funding available in the event of a crippling hack can keep the lights on till you’re able to resume your normal business operations.

Business Income
Risk Factor

What would you do if an email virus impacted the operation of your database and prevented you from serving clients for a day or more? Or what if a hacker or cyber-criminal caused a system outage or extended downtime, leaving your business inoperable? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.

Solution

Business Income and Business Interruption coverages help with financial hardships, such as loss of income or operating costs, that you bear due to a covered incident.

Third-Party Coverage
Risk Factor

If your business handles sensitive customer data (such as email lists, credit card records or other files), data breaches pose a serious threat to your financial stability. A lawsuit resulting from a data breach means your business is responsible for paying legal fees, court-ordered judgments or settlements and other court-related costs.

Solution

Third-party coverage protects you in the event of a lawsuit brought by a customer or partner for a data breach that your business' actions or negligence allowed.

Regulatory Claim Coverage
Risk Factor

If your business experiences a data breach or violation of confidential information during regular business operations, you may be found in violation of privacy laws and be required to pay fines for the violations or other regulatory issues.

Solution

You may be eligible for regulatory claim coverage which would offer protection in response to proceedings related to disclosure laws and other governmental actions that can result in defense costs, fines and/or penalties. Coverage does vary and may be restricted by local law.

Ransom Coverage
Risk Factor

If hackers gain control of critical systems, they may demand a ransom be paid to avoid additional consequences. Sometimes these can be empty threats, but it’s impossible to know for sure. Paying the ransom can be costly. Taking a chance by choosing not to pay can sometimes put a company out of business.

Solution

Coverage for ransom and cyber extortion can be included in cyber liability policies and can help cover the cost of ransom to regain control of network systems. This is often not included in a standard policy, may include a separate sublimit and deductible, and may require adherence to certain conditions set forth by the insurer.

Part Of The Risk Management Of A Business

There are steps that a business can take that will help mitigate becoming a victim of a cyber attack. These might include implementing specific protocols for the employees or adding additional hardware or software that helps to block various cyber attacks, as well as other measures.

These are all risk management strategies for your important data, and your cyber liability insurance should also be a part of those strategies for when it happens so that you can clean things up afterward liability insurance covers several different things to help set things back in order in Belmont, Lincolnton, Lake Wylie, Clover, Fort Mill, SC, and the surrounding areas. Knowing what kinds of coverage you need is why you need to partner with Watson Insurance Agency and speak with our independent agents.

We can help find the right insurance to fit your business’s needs. Contact us today to review your cyber liability insurance needs.

Cyber Liability - Group of Employees Using Computers in their Brick Office

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