What Is Cyber Liability Insurance?

If you own a business, you most likely own a computer or two. They usually hold your clients’ names and account information as well as your own personal and business information. Perhaps they store copies of blueprints, formulas or other files that shouldn’t be shared with anyone outside your company. Cyber Liability insurance in Princeton is also called Privacy and Network Security insurance. It covers expenses you might incur in case there’s a breach in your network security.

Cyber crime is on the rise, and if hackers get into your data, you’ll be glad you have appropriate insurance protection. A security breach can happen if someone in your company loses a laptop by negligence or via theft. Cyber criminals use equipment like stolen and hacked computers to transmit viruses and malicious code to other computer systems.

Do You Need Cyber Liability Insurance?

Cyber liability insurance in Princeton can cover expenses resulting from what are called “cyber incidents.” When your data is breached, you might have to pay for legal defense, regulatory fines and credit monitoring for your clients. Your policy could even include coverage for hiring a PR firm to to assist you in damage control once the news is out that you’ve been hacked.

Cyber Liability coverage can also protect you if your business has to close temporarily as the result of your network being compromised. Your insurance agent can explain all of the benefits of this insurance in Princeton.

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