Cyber Liability Insurance in Oakland, CA

As many business operations move into cyberspace, your company must take steps to address its changing risk profile. Whereas physical losses remain a relevant concern, many businesses now face risks and exposures involving intellectual property and cyberspace.

Data breaches, cyberattacks and other incidents involving sensitive and private information loom as particularly dangerous threats, necessitating a comprehensive understanding of cyber liability insurance.

What is Cyber Liability Insurance?

Also known as cybersecurity insurance or simply cyber insurance, these policies typically entail specialized coverage for businesses’ digital risks and exposures.

Like insurance often used to cover tangible assets, your company will be quoted a rate and pay regular (e.g., monthly) premiums to maintain financial protection.

These payments enable you to file a claim for financial assistance following cyber incidents, such as phishing attacks, malware infections and other acts of cybercriminals.

What Do Policies Cover?

Cyber liability insurance can be versatile and policies may be tailored to suit your company’s needs and preferences. Coverage capable of reimbursing you for the following losses may often be available:

• Incident notification costs—This may include expenses for notifying affected parties, such as clients or customers whose sensitive information was compromised.

• Paying for outside assistance—Your coverage may fund hiring IT contractors, digital forensics investigators and public relations firms to mitigate losses following an incident.

• Business interruption losses—Cyber incidents may force your business to shut down networks or otherwise disrupt normal functions, but your policy can help recoup lost revenue during these times.

• Noncompliance fines—In some cases, regulatory agencies may penalize your business if you failed to maintain appropriate cybersecurity measures before a breach.

• Legal expenses—Your business may be sued following a cyber incident. In response, your insurance may help pay for attorney fees, settlements and judgments.

How Much Does Coverage Cost?

Cyber liability insurance rates may vary based on various criteria. Specifically, carriers may consider the following during the quoting process:

• Industry

• Workforce size

• Number of clients

• Revenue

• Existing cybersecurity controls

• Operational details (e.g., types and amounts of data with which your work)

• Coverage limits

Get the Right Coverage

Contact AR Insurance Solutions today to learn more or get a free quote.