DIAMOND LEGACY INSURANCE

Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues.

The most prominent cyber risks are privacy risk, security risk, operational risk, and service risk.

Any business that stores sensitive data in the cloud or on an electronic device should have cyber liability insurance. According to the Identity Theft Resource Center, businesses experienced 571 breaches in 2018, exposing over 415 million employee and customer records.

Cyber liability insurance is a policy that offers coverage to help protect the company in the event of data breaches and other cyber security issues. A policy generally covers financial losses arising from data breaches, viruses, hacking, denial of service, cyber extortion, and other cyber incidents.

A recent study performed by AdvisorSmith Solution Inc. found that the average cost of a cyber liability policy in 2019 was $1,500 per year for $1 million in coverage, with a $10,000 deductible. Of course, businesses can pay much less or much more for their coverage depending on several key factors.

Personal cyber insurance covers a range of cyber crimes such as cyber extortion, cyberbullying, online fraud and data breach. It helps cover direct financial losses and expenses as a result of cyberattacks. You generally purchase personal cyber insurance as an endorsement to a homeowners, renters or condo insurance.