Call Us  |  Text Us ☰ ˟


Call Us (203) 377-8455
Text Us (475) 256-6940
Logo


  • Products
    • Get A Quote With Nationwide
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Personal Injury Protection
      • Rental Reimbursement
      • Uninsured & Underinsured Motorist
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Landlords Insurance
      • Mortgage Protection
      • Scheduled Property Insurance
    • Life InsuranceImage of right arrow
      • Individual Life
      • Group Life
      • Long Term Care
      • Disability Insurance
      • Second-To-Die Policy
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Personal Umbrella & Identity Theft
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Auto Body Insurance
      • Insurance for Arborists
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Landscaper Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Orthotics & Prosthetics Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Water Well Drillers Insurance
    • Coverage for Your BusinessImage of right arrow
      • Business Insurance
      • Leave Management
      • Loss Control Insurance
      • Marine Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Inland Marine Insurance
      • Professional Liability
      • Workers Compensation
      • Bonds
      • Fidelity Bonds
      • Surety Bonds
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
    • Coverage for Your FarmImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
  • Get A Quote
    • Get a Quote
    • Nationwide Express
  • Blog
  • Resources
    • Refer a Friend
    • Payments
    • Claims
    • Carriers
    • Insurance Glossary
  • About Us
    • About Us
    • Testimonials
    • Switching Insurance Companies
    • Employee Directory
    • Privacy Policy
  • Contact Us
    • Contact Us
    • Our Location
    • Leave Us a Review
Home > Blog > What Businesses Need Cyber Liability?
TUESDAY, AUGUST 3, 2021

What Businesses Need Cyber Liability?

With practically all information online these days, new dangers arise for businesses and clients in the form of cyberattacks and theft. Any business that stores information electronically needs cyber liability insurance. This includes: 

  • Hospitals and medical practices 

  • Banks 

  • Insurance agencies 

  • Online retailers 

  • Technology companiesperson typing on laptop with papers laying around 

  • Lawyers 


This is not a comprehensive list, of course. Even if your business or specialty is not listed, you may still need cyber liability insurance. Even a single cyberattack can cause heavy damage to your business’ finances and reputation. 

If you keep important information such as credit card data, addresses, names and phone numbers, social security numbers and more, you will need cyber liability insurance to protect against lost or damaged data. 

What Does Cyber Liability Insurance Cover? 
Cyber liability insurance covers against loss, breach or damage of electronically stored data. If your company’s online portal is breached, for example, all of your client’s information can be compromised by the hacker.  

With cyber liability insurance, you can receive compensation for: 

  • Damage to your software 

  • Reputation management 

  • Lawsuits and settlements 

  • Restoring and recovering information and compromised data

 

Reputation management is crucial after a cyberattack. One hack can make clients and potential clients wary of your services, uncertain whether or not their information will be safe with you. Cyber liability insurance can help with costs related to marketing and HR reputation management to help save your company’s image as you recover from an accident. 

This insurance also covers lawsuits, as clients and other third parties could file a suit for negligence for not keeping their information safe. 

Protect Your Business from Cyberattacks 
The best way to deal with a cyberattack is to avoid them happening as much as possible. You can do so by having a multi-factor log in system for your business’ sites and upgrading your computers’ protective software. Make sure all employees with computers or laptops are trained on proper log in and cyber safety procedures, such as avoiding connecting to unprotected networks. 

Be sure to speak with an insurance agent about finding a cyber liability insurance policy tailored for your business’ needs. It can help to receive multiple quotes amongst insurers so that you can get an understanding of how much you should be paying for the right policy. Not all policies are created equal and you will need one geared toward your industry and budget to ensure that your customers, employees and business are safe. 

Posted 2:05 PM

Tags: cyber security
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(7)
  • coverage(7)
  • commercial(4)
  • policy(3)
  • liability(3)
  • auto insurance(3)
  • business(3)
  • home insurance(3)
  • flood insurance(2)
  • bop(2)
  • business owners policy(2)
  • cyber security(2)
  • business insurance(2)
  • commercial auto insurance(2)
  • auto(2)
  • commercial general liability(1)
  • workers compensation(1)
  • general(1)
  • homeowners(1)
  • compensation(1)
  • rates(1)
  • damage(1)
  • builders(1)
  • collision(1)
  • owners(1)
  • professional(1)
  • credit(1)
  • risk(1)
  • commercial general liability insurance(1)
  • car(1)
  • builders risk insurance(1)
  • workers(1)
  • flood(1)
  • professional liability insurance(1)
  • score(1)

View Mobile Version
Logo
Quick Links
Home Get a Quote Payment Options Claims About Us
Refer A Friend Our Carriers Blog Contact Us Leave Us a Review
Location
6580 Main St
Suite 201
Stratford, CT 06614

Phone: (203) 377-8455
Fax: (203) 375-9938
Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder