Cyber Liability Insurance

Cyber liability insurance can provide essential coverage for businesses that use technology to store or process confidential client information like credit card numbers or health records. Even with extensive cybersecurity tools in place, computer systems, storage devices and networks are vulnerable to hackers and data loss.  

The experienced team at Kendall & Associates Insurance Agency can help businesses throughout South Carolina get the right cyber liability insurance for their operations. Contact us today to get started. 

What Is Cyber Liability Insurance?  
Cyber liability insurance may also be called cyber insurance or cyber security insurance. It is a type of commercial insurance that can provide financial assistance after data breaches and other data loss events.  

Will My General Liability Policy Cover Cyber Liability? 
Standard commercial policies, including general liability insurance and commercial property insurance may not cover losses due to cybersecurity incidents. General liability insurance typically provides coverage if your business is responsible for property damage or injuries to third parties, and commercial property insurance typically offers repair or replacement costs if your business’s property is damaged by an external force (e.g., fires or windstorms). A proper cyber liability insurance policy can help fill in this gap and provide essential financial protection after cyberattacks and data breaches. 

What Does Cyber Insurance Cover? 
Policies vary, but cyber liability insurance can help pay for your business’s damages and recovery costs after incidents such as: 

• Malware attacks 
• Phishing attacks 
• Ransomware attacks
• Cyber extortion events
• Data breaches
• Cyberattacks 
• Accidental releases of confidential information
• Malicious destruction of data
• Distributed denial-of-service (DDoS) attacks 

• Notify impacted parties
• Pay for regulatory fees, fines or penalties
• Investigate the cause of the cyberattack
• Pay for credit monitoring services for the affected clients
• Cover income that was lost due to the data breach
• Pay for cyber extortion-related expenses
• Recover stolen or lost data
• Pay for public relations services to help restore your business’s reputation