Is Cyber Liability Insurance Necessary?

Posted June 28, 2024

Rapid technological advances mean cyberattacks are becoming more and more commonplace. If you run a business that stores and collects sensitive information, such as customer names, addresses, Social Security numbers, medical records, or credit card information, you have a responsibility to protect it. When cyber attacks occur and such information is compromised, it’s important to have protection in place. That’s what cyber liability insurance is for.

Cyber liability insurance is fairly self-explanatory. It’s a type of insurance that is meant to cover a business or other organization when cybersecurity incidents occur and result in financial losses. It may also cover the cost of lawyers following a cyberattack or the costs associated with recovering lost data, informing customers of the breach, investigating the incident, and more.

Whether cyber liability is a necessity or not depends on a number of factors and the specific needs of a particular business or organization. Consider the fact that small businesses are often targeted because of their limited protections compared to large corporations. For this reason, small businesses have much to gain from cyber liability insurance. However, while this type of insurance can cover a lot, it won’t cover everything, so you need to be prepared to deal with some expenses yourself if your business ever experiences a cybersecurity incident.

If you are interested in learning more about cyber liability insurance and finding a policy that works for your organization, reach out to Legacy Insurance Partners today.

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