How much is cyber liability insurance

Data breaches are now a fact of life together with taxes and death, but how can businesses better manage the risks related to a data breach and reduce the significant cost. A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.

Cost for cyber liability insurance

Business owners need to understand that friendly customers can quickly become unfriendly when their bank accounts and credit cards are under attack. a large health insurer was attacked, the substantial lawsuits were filed within 24 hours of the data-breach disclosure. Your cost for comprehensive cyber insurance providers will depend on various underwriting factors that allow the insurer to determine your potential risk. These underwriting factors include your type of business. The number of transactions each year, what information you collect, the number of computers or devices and the type of security you have implemented. Small business owners who are considered top targets for cyber-attacks and data breach are those that are in healthcare, financial services, insurance services, technology services, online retailers, and online service companies.