From the biggest businesses to the smallest one, internet access is both a boon and a risk. We often hear of companies that are hacked and have both their business information and their customer information stolen. The law has shifted towards companies needing to maintain appropriate protections for any data that a company stores, which is why cyber liability insurance helps Syracuse businesses protect themselves. At Dominick Falcone Agency, we’ll review the coverage you have now and help you determine what protection you still need.
Cyber liability insurance generally covers your company in two ways.
First, it protects you against “first party liability.” These are damages caused to your company by an outside party. For example:
Loss Or Damage To Data. If your system is affected by a DOS or virus attack and you need to restore your computers from backups, this insurance may help pay the cost of the restoration.
Loss Of Income: If your business is forced to close due to a cyber attack, this insurance may help to cover some of your lost income. This can help you continue to meet your expenses as you get your business back up and running.
Ransomware Attacks: If your system is affected by a virus which requires you to pay a ransom to get access to the computers back, this insurance may help you pay for those damages.
Notification Costs: When companies suffer a data breach, they are required to notify any injured parties. This insurance may help pay the cost of doing so.
Second, this insurance often protects you against lawsuits related to the above issues. For example, if a customer’s data is stolen and used online, they can sue the business for damages. Cyber liability may also include errors and omissions insurance (E&O) that protects professionals against mistakes they make in their jobs which can cause damages. If a programmer makes a mistake with coding, for example, E&O may help them pay the cost of a lawsuit brought by the injured party.
When you’re looking for more information about cyber liability insurance in Syracuse, contact Dominick Falcone Agency at 315-422-6128. We’ll help you go over the coverage you currently have and help you determine whether or not it’s sufficient for your business operations. We can offer you a quote for cyber liability insurance so that your business is as fully protected as possible.