Cyber Attack Data Breach: It’s Not A Matter Of If, But When

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Did you know that in 2020, the average cost of a data breach was $3.86 million?! When it comes to a cyber breach, it’s not a matter of “if”, but “when”. But Libertate has your business covered.

We provide comprehensive Cyber Liability options that meet your unique organizational needs. Send us an email at sales@libertateins.com for more information!

What is cyber insurance?

Cyber insurance generally covers your business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records.

Won’t my general liability policy cover cyber liability?

General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.

What does cyber insurance cover?

Besides legal fees and expenses, cyber insurance typically helps with:

  • Notifying customers about a data breach
  • Restoring personal identities of affected customers
  • Recovering compromised data
  • Repairing damaged computer systems

Most states require companies to notify customers of a data breach involving personally identifiable information2– a process that can be very expensive. And even though most states don’t require companies to offer free credit monitoring following a breach, such a gesture goes a long way with public relations.

Join the Conversation on Linkedin   |   About PEO Compass

The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.

All writers specialize in PEO business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.

To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.

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