Cyber Liability Insurance in CT: What It Is, Why You Need It

Cyber Liability Insurance in CT: What It Is, Why You Need It

It seems like nearly every week there is news of a major company or government agency getting hacked. Data breaches put sensitive financial and personal information at risk. These cyber attacks can open people up to the possibility of identity theft and can put businesses at financial risk if they did not do enough to prevent the attack from happening and to safeguard data. One way that companies can protect themselves from devastating financial losses caused by a data breach is with cyber liability and attack coverage insurance policies.

These policies can protect businesses in several ways. They can pay the costs directly related to dealing with an incident, including an investigation, notification of affected parties, management of call centers, credit monitoring, fines, and legal fees. Cyber liability insurance can pay for costs associated with defacement of a company’s website and infringement of intellectual property rights. It can also cover losses if the business is threatened with extortion, as well as costs associated with denial of access and theft of data stored on third-party systems.

The first step in obtaining cyber liability insurance is to figure out what you want your policy to cover. Think about the potential costs to your company, as well as costs other third parties could incur that they might try to pass on to you.

Talk to your insurance agent about the risk to your business and the type of coverage you need. Discuss the amount of liability coverage you need. Choose a policy that is appropriate for a business of your type and size. Review it carefully so you know exactly what is and is not covered. A cheaper policy may not cover you in some circumstances. It may be worthwhile to pay more for better coverage, in the event of a major data breach so your company will not be forced to go out of business.

Petruzelo Insurance offers cyber liability insurance for Connecticut businesses. This vital coverage can protect you if your company’s network or computers get hacked and sensitive financial or personal information is stolen. The costs associated with a data breach can be staggering and can deal a devastating blow to a business of any size.

Petruzelo offers cyberattack coverage which may include:

• Data Restoration Costs: this covers the cost of hiring a third-party company to replace or restore lost or corrupted data.
• System Restoration Costs: this covers the cost of replacing or restoring software in order to restore your system to its pre-attack functionality.
• Data Re-Creation Costs: this covers the cost of recreation or replacement of lost or corrupted data
• Loss of Business: this covers you for any lost business income incurred during the period of time when system and data recovery is taking place

Petruzelo offers network security liability coverage which may include:

• Breach of Third-Party Information
• Unintended Forwarding or Propagation of Malware
• Unintended Abetting of a Denial of Service Attack

Protect your company and your livelihood with cyber liability insurance. Contact Petruzelo Insurance today for a quote.

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