Cyber Security Liability Insurance

In the digital age where every company has a website and computers, cyber security liability insurance is essential. If your company falls victim to hackers, your standard business insurance will not cover the damages.

If someone's data is compromised, you could be liabile for the cost of credit monitoring, losses caused by compromised data, legal fees, and more. The average cost of damages

Why Do You Need Cyber Liability Insurance?

  • 72% of data breaches

    occur in small to medium businesses.

  • 5 Million dollars:

    The average cost of a data breach.

  • 25% of businesses

    expect a data breach in the next year.

  • 50% of data breaches

    are caused by recently released employees.

  • $194 is the average cost

    per stolen record.

  • Your regular business insurance does not cover damages caused by a data breach.

 

What does Cyber Security Liability Insurance Cover?

  • Monetary and Non-monetary Damages
  • Business Interruption
  • Damages to Third Parties Whose Data Was Compromised
  • Customer Notification Expenses:

    legal expenses, credit monitoring expenses, postage and advertising costs.

  • Other Coverages:

    Each policy is different. A qualified agent can assess your situation and determine which coverages you need.

 

ERM Insurance Brokers understands the risks your business may face. Call us at (949) 222-0444 to learn more about solutions to help protect your business financially.