Cyber liability coverage provides protection for losses involving an unauthorized leak of confidential information transmitted via email, the Internet and computer networks.
Some policies include coverage for recovering lost data, fines and penalties for breaches and the costs to notify those affected, and for credit-monitoring services (which can average around $250 per person).
Why It's Important
The rising use of computers and email brings with it a higher risk for security breaches, theft, loss or accidental transmission of confidential information (personal or financial). Security breaches are not just caused by hackers, but by losing a laptop, employees acting maliciously, or problems with offsite data storage, for example.
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