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Does your business use the Internet, handle credit card transactions, or collect personal information from customers? No matter what your organization does, it’s likely that the answer to at least one of these is yes—and that makes your business a target for cyber attacks.

What Is Cyber Liability Coverage?

Cyber liability coverage helps businesses recover in the event of a cyberattack. Policies cover costs associated with data breaches, such as investigative services, lost income, recovering compromised data, and repairing damaged systems. Cyber liability insurance also covers damage impacting your customers or business partners, including legal fees, customer notifications, and settlement costs.

Who Needs Cyber Liability Coverage?

Any business that stores sensitive information, such as addresses, credit card information, Social Security numbers, etc. should consider cyber liability coverage. During a cyber attack, scammers can expose personal info and hijack it for identity fraud.

Small businesses especially are easy prey for scammers and hackers, because they are less likely to have a security defense in place. The fallout from a serious data breach can damage a company’s reputation, slow productivity, and result in financial loss. In fact, cyber attacks are reported to cost companies an average of $200,000.

Types of Potential Cyber Attacks

There are several different kinds of cyber attacks that your business may face, such as:

– Data breaches. This occurs when a hacker steals critical information or personal data from your business’ system. This is often a result of leaked information or a social engineering attack.

– Computer attacks. In this kind of attack, your computer system is hacked and compromised. This could come in the form of malware or ransomware downloaded accidentally.

– Cyber extortion. Hackers can hold your systems hostage and demand ransom payments in return to unlock them.

Personalized Insurance Solutions

Any company that uses technology to do business faces cyber risks. CTG provides cyber liability coverage to protect your data, your assets, and your reputation. With 40+ years of proven experience, we deliver personalized solutions tailored to your unique needs, risks, and budget. Speak to one of our experienced advisors to find the right insurance policy for you.

About the Author: Steven Elkins
Steven Elkins is the vice president of CTG Insurance.

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