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Cyber Liability Coverage

Cyber Liability Coverage

Cyber attacks are everywhere and yet rarely talked about. We all understand this is the new battlefield of theft and identity fraud but what does it mean for a business owner. Its anonymous attacks and hard to recover from sometimes because there are no reparations. You can’t simply take them to court or have them arrested to get a return on what they stole. In fact, most cyber attacks are never solved and it’s usually a 100% loss. Other times, they don’t steal anything but your clients information and they suffer the losses. One of the worst losses though, comes when a cyber attack destroys records, computer hardware, and day to day operations. Having Cyber Liability Coverage can protect you from this in many ways.


How does this work?

Let’s say your business is starting up in the morning, business as usual, and the computers and the server are performing just fine. All of the sudden, your employee or associate says that you were just hacked and they have no idea what they took. Next, your whole system shuts down and all your data becomes corrupted, meaning ruined. Some is salvageable and now you need to hire a computer technician to come by and see what happened. He then tells you that the hacker has bank account info of all of your clients and you. Your account is being drained, your clients information is not private anymore, and the software to run your business is broken. This sounds like loss, and S2S insurance services can help cover these losses with Cyber Liability Coverage. It will cover the funds lost that were transferred, the money needed to notify your clients of a breach, the fines from the state and other sources, the money needed to get your computers back up and running, any business income you lost during the time you’re down and even sometimes the technician.

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