Oklahoma Cyber Liability Insurance

What Is Cyber Liability Insurance?

Cyber Liability Insurance protects businesses from a range of cybersecurity incidents and breaches. The risk of online security issues has increased in recent years as more businesses migrate online to conduct everyday work procedures and store sensitive information, making Cyber Liability Insurance a necessity for the business protocol. This type of business insurance coverage limits the damage that is caused by successful attempts to access business-related data by hackers and other uninvited third parties.

Whether your business handles client-sensitive information or simply relies on computer systems for everyday business operations, you need to ensure that your business doesn’t risk being compromised in the event of security breaches.

Interest in cyber insurance and cyber risk continues to grow as a result of high-profile data breaches and awareness of the endless range of exposures businesses face. Cybercrime is expected to cause $6 trillion in damages annually in 2022.

Who Needs Cyber Liability Insurance?

As the growing prevalence of a cyber security attack or breach increases, all businesses that handle employee or client information need a cyber liability insurance policy. It’s imperative that companies that store Personally Identifiable Information (PII) for employees or customers have a Cyber Liability Insurance Policy in place.

What Does Cyber Liability Insurance Cover?

Cyber Liability Insurance can discharge a seemingly endless roster of costs including recovering compromised data, repairing damaged computer systems, notifying customers about the breach and lost income from reparations of a cyber incident. Here are the coverage options Cyber Liability Insurance can address: