As more sensitive information is stored and transferred electronically and through the cloud, businesses are increasingly vulnerable to attacks from hackers and other cybercriminals. Cyberattacks can result in significant financial loss, which is why protecting your business from cyberthreats is essential for your company’s well-being. Cyber liability insurance helps companies respond effectively to a cyberattack and protects against the high cost of data breaches. 

What Is Cyber Liability Insurance? 

Traditional business liability policies don’t effectively protect against cyber exposures, so cyber liability insurance is crucial. Cyber liability insurance may help in the following situations: 

• Funds paid as a result of extortion to recover locked files in a ransomware attack
• Lawsuits related to customer or employee privacy and security
• Legal services to help you meet your state and federal regulations
• Lost income from a network outage
• Notification expenses to alert affected customers that their personal information was compromised
• Regulatory fines from state and federal agencies 

The Waymon Lynch Insurance Agency can assess your current insurance protection to determine if you have adequate cyber coverage. 

Why Is Cyber Liability Insurance Important? 

Any business that stores confidential information online or on computers can benefit from cyber liability insurance. Cyber liability insurance offers numerous benefits, including: 

• Damage control for your business’s reputation
• Fraudulent charge reimbursement
• Identity protection services for customers at risk of identity theft
• Legal fee coverage associated with an attack
• Retrieval of stolen data 

If your business is a victim of a cyberattack, a cyber liability insurance policy can be essential to an effective response.  

We Can Help 

The Waymon Lynch Insurance Agency can evaluate your business’s needs to offer protection for your business and its cyber needs. Call one of our locations to get the best possible protection against cybercrime.  

Read more about cyber liability insurance!

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