Cyber liability insurance protects you when using, transmitting, and storing electronic information.
Anyone who runs a website, conducts e-transactions or stores personally identifiable information (PII) of clients or customers requires cyber liability coverage. Personally identifiable information includes information such as Social Security Number, birth date, credit card or bank account details.
Even if the data breach originates with them, the payment card processing company does not automatically cover you.
Check your contract. Without cyber liability insurance, you could be responsible for all attorney costs, notification fees, and any monetary settlement.
You could also be responsible for forensic accounting at your own expense.
All Rights Reserved | Insight Insurance Services