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The cybercrime landscape is getting more unpredictable and complex every day. Cybercriminals are finding more effective ways to infiltrate business networks and steal critical business data.
The fact is that the cybercrime business has never been bigger – it’s estimated that the global cybercrime industry will cause up to $6 trillion in damages in just a few years. It remains such a lucrative business because targets – like your accounting firm – keep failing to learn how cybercriminals operate, and how to protect against it.
That’s why you need to take steps to protect your firm before anything bad happens – have you considered cyber liability insurance?
Often referred to as cyber liability or data breach liability insurance, cyber liability insurance is a type of stand-alone coverage.
Cyber liability insurance is designed to help businesses cover the recovery costs associated with any kind of cybersecurity incident including:
Put simply, if you’re sued for claims that come within the coverage of the insurance policy, then this type of coverage will protect you.
There is a range of types of cyber liability insurance liability coverage, which include:
Coverage can also extend to include personally identifiable information and confidential information of a third party.
An important note – failure of system security also includes failure of written policies and procedures (or failure to write them in the first place) that address secure technology use.
This coverage extends to websites, e-mail, blogging, tweeting, and other similar media-based activities.
Coverage of this type addresses the costs of consultants and ransoms, including cryptocurrencies, for threats related to interrupting systems and releasing private information.
Cyber liability insurance policies are offered by a variety of insurers and policy prices and exclusions vary widely among different providers.
Maybe you don’t technically need cyber liability insurance. That is to say, you may not be required by the law – although certain compliance regulations, depending on the industry, do recommend it.
But, odds are, it’s more likely you’ll need cyber liability insurance in one form or another at some point, which is why it’s wiser to invest now.
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