If you use any form of data storage on a daily basis; whether its employee records, private customer info (including credit cards, social security numbers, etc…), or business financial information. This inventory is vital to the operation of your business and is critical to protect. The likelihood of a data compromise is at an all-time high and you are probably missing the protection.
The primary concern with a cyber-attack or data breach is all of the expenses that come along with it like victim notifications, retrieval of data, crisis management, forensics and investigations, lawsuits, public relations, and possible loss of customers. The average cost of a data breach is almost $200 per lost record.
Cyber Liability covers for some of the following things:
Security breach/data hack
Data loss expense/defense
Social media libel/slander