Most modern workplaces rely on technology and the internet for everyday operations. While online solutions like the cloud and video chat software may be convenient and cost-effective, such additions to your organization’s operations can also create cyber-related risks and exposures. Cyber criminals may be capable of causing devastating losses for your company from anywhere in the world and at any time. Fortunately, you can protect yourself financially in several ways, including with a cyber liability insurance policy. 

What Does Cyber Liability Insurance Cover? 
An adequate cyber liability insurance policy can prove invaluable after a data breach or other cyber incident. The resulting losses and damages can be significant if your organization has fallen victim to a cyber attack. Without sufficient cyber coverage, your out-of-pocket costs could have irreparable ramifications for your finances and future. Conversely, by acquiring and maintaining a suitable policy, you may be able to access financial assistance to help cover the following expenses and losses: 

• Incident response costs—This may include costs related to investigating a cyber incident, notifying affected parties and retaining credit monitoring or fraud detection services.
• Repair/replacement costs—If a cyber incident compromises your devices, networks or systems, your insurance may help pay to restore, repair or replace them.
• Cyberextortion payments—If a cyber criminal uses ransomware to hold your data hostage or blackmail you, this coverage can help you recoup losses related to paying their demands.
• Business interruption losses—If a cyber incident disrupts your organization’s normal operations, this coverage can compensate you for losses, such as missing income and employee wages.
• Legal costs—Your insurance can provide funds to assist you with legal expenses that may arise following a cyber incident, such as retaining your defense and paying fines, settlements and judgments. 

Who Needs Cyber Liability Insurance? 
Any business that relies on technology or online solutions must strongly consider the benefits of a cyber liability insurance policy. Regardless of size or sector, any organization could become the target of cyber criminals. Without ample coverage, even a single mistake made by one employee could lead to devastating out-of-pocket losses. 

Get the Right Coverage 
At Merritt-Hall Insurance, our mission to protect individuals, families and businesses in the Indianapolis area extends into cyber space. We will work with you to help you assess and address your cyber liability insurance needs. Contact us today to get started.