Website, Cyber, and Media Liability Insurance

The impact of digital technology influences every minute of every day and has become the new paradigm under which commerce and personal information is exchanged easily and efficiently. With such convenience Cyber crime & website, tech and media insurancehowever comes great risk as the digital world is a treasure trove of data that, when obtained for dishonest purposes, has the ability to cause financial havoc and significant monetary losses to those businesses unfortunate enough to be exposed to such breaches in cyber security.

Recognizing today’s cyber security risks and protecting your business through cyber insurance coverage becomes a wise and ultimately cost effective decision for business owners to make – both large and small enterprises alike.


What Does Cyber Insurance Coverage Cover

Cyber Insurance coverage can be broken down into two parts, first party protection and third party protection. First party protection covers your business enterprise itself and protects your assets were a cyber threat to occur and includes coverage for expenses related to legal fees, network service interruptions or damage, and public relations issues resulting from cyber threat exposure, among other coverage options.

Third party Cyber Insurance coverage includes protection for both your employees and your customers if their personal data were to be compromised due to a cyber security breach occurring on your network. This includes financial damage, electronic media liability, and other violations to personal privacy.

  • Privacy and Security Liability: If you maintain private employee or customer data like credit card numbers, you are liable if the information slips out because of faults in your systems or theft by hackers or malicious employees. Privacy and security liability coverage also protects you from costly corporate claims from businesses like banks and credit card issuers, who can sue even if the losses don’t occur inside your shop.
  • Crisis Management: Covers costs for restoring lost or corrupted data, and getting your systems back up and running. Some carriers include public relations coverage to help defray the costs of consultants and advertising to rebuild your reputation after an incident.
  • Business Interruption: Denial-of-service attack and lost income coverage kicks in if you lose revenue after an attack or when a service provider, such as a web host, is shut down by a cyber attack, has a glitch or goes out of business. It also helps defray costs of restoring valuable data and repairing systems.
  • Cyber extortion: People threaten your computer systems or web site, then demand money or goods to call off the threat. Extortionists increasingly target small businesses because of their perceived inability to fight back, says Economidis. Cyber extortion policies often cover the settlement and the cost of hiring a security firm to track down the perpetrators.

Purchasing Cyber Insurance

Cyber Insurance policies are extremely cost effective, often times costing only a nominal fee to insure optimum protection. Understanding the cyber insurance policies coverage areas, deductibles and fees, and other important nuances can prove challenging; however, if a business owner is unfamiliar with the uses of and applications for cyber insurance.

To learn more about how cyber insurance can protect your business, your employees, and your customers call us today at 714-258-2800 or 888-725-7776 for a free consultation and no obligation quote.