Cyber Insurance

Cyber Insurance

Do I really need Cyber Liability Insurance?

Cyber Liability Insurance is an insurance product used to protect businesses and individuals from internet-based risks, and more generally from risks relating to information technology infrastructure and activities.

Cyber Liability Insurance is a risk management tool through which network-related risks are transferred to an insurance company , in return for a fee, i.e., the insurance premium. Coverage is available through a variety of providers, including ISPs, cloud providers, and traditional insurance organizations.

Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records or credit card information probably needs cyber insurance.

As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:

• Retailers
• Restaurants
• Hair salons / Barbers
• Marketing companies
• Contractors
• Realtors
• Consultants
• Financial firms