Cyber Liability Insurance in San Antonio, TX

Cyber risks and exposures are rising threats that must be on the radars of all businesses regardless of industry or size. As technology becomes increasingly engrained in modern workplaces, risk management and loss control measures must be adjusted accordingly. To that end, understanding, acquiring and maintaining suitable cyber liability insurance may be necessary.

What Is Cyber Liability Insurance?

Cyber liability insurance can make all the difference in the aftermath of a data breach or other cyber incident. This type of coverage, also known as cyber protection insurance and cybersecurity insurance, can help policyholders manage the aftermath of phishing attacks, malware infections and other incidents.

Why Do Businesses Need Cyber Liability Insurance?

Cyber incidents can have disastrous consequences for unprepared businesses. Should a cybercriminal breach a company’s network or systems and gain access to confidential information, it could lead to business shutdowns, blackmail and lawsuits filed by affected parties. Additionally, many companies may be beholden to regulations and standards regarding cyber insurance, meaning that failing to secure appropriate coverage could incur fines and penalties.

Businesses should also avoid the common pitfall of thinking cybercriminals and hackers won’t target them. In recent years, these perpetrators have widened their crosshairs and increased their attacks on small- and medium-sized enterprises and those in industries that may have previously not been at great risk. As such, any company that utilizes digital solutions may benefit significantly from cyber coverage.

What Does Cyber Liability Insurance Cover?

A cyber insurance policy may help businesses afford various expenses and losses in the wake of a breach. In many cases, payouts could help fund costs arising from the following:

• Investigating the incident

• Hiring outside help (e.g., public relations firms and crisis management teams)

• Notifying affected parties

• Recouping lost revenue and other business interruption losses

• Paying noncompliance fines

• Meeting the demands of a cyberextortion attack

• Managing legal costs related to lawsuits (e.g., attorney fees, settlements and judgments)

Learn More

At the Kevin McLoughlin Agency, we work with a network of trusted cyber insurance providers and will help you identify and secure the right coverage. Contact us today to get started.