Cyber attacks don’t only happen to large corporations—any business that utilizes electronics to conduct its operations is vulnerable. If your business could no longer access any computer systems or electronic files, would it impact or halt your ability to perform daily operations? If so, you may need a cyber liability policy to protect your business income and operations.

What is cyber liability insurance?

A cyber liability policy is an insurance option that protects against financial losses incurred through cyber threats. These policies are extremely customizable and aim to fit the needs and exposures of your business operations.

Common threats to businesses include:

• Unauthorized access— A malicious actor, malware, or an employee error can result in unauthorized access to your data.
• Misuse of information by authorized users— An insider may misuse information by altering, deleting, or using it without authorization.
• Data leaks— Threat actors or cloud misconfiguration may cause personally identifiable information or other sensitive data to be leaked.
• Loss of data — Poorly configured replication and backup processes may lead to data loss or accidental deletion.

Cyber policies can help replace income lost or hindered by a cyber attack. They can also include coverage for repairing or restoring your data, reputational damage, legal fees, and incident response costs incurred through a covered cyber incident.

• Contact your Bravera Advisor to determine if a cyber liability policy would be appropriate for your business insurance portfolio.

• Evaluate your vendors’ and partners’ cyber liability insurance and protection protocols. Their breach could be your problem.
• Create a cybersecurity and data breach response plan with appropriate insurance coverage.

Cyber liability insurance won’t prevent a hack but will help you recover. Contact your Bravera Advisor today for more information on your business's modern-day risks.