Cyber Liability Insurance in Katy, TX

The digital world has unleashed a torrent of new potential and innovations within the business world. However, these advancements do not come without potential costs and cons. As your company considers integrating new technology into its workplace, you must be mindful of the accompanying cyber risks and exposures. Fortunately, cyber liability insurance can help offset these rising risk levels and help you enjoy financial security and peace of mind.

What Is Cyber Liability Insurance?

Also known as cybersecurity insurance and cyber insurance, these policies are a specialized form of coverage focused on protecting your business from data breaches, cyberattacks and other cyber incidents. There’s no shortage of potential threats your company might face, including phishing messages, malware infections and distributed denial-of-service attacks; however, the right policy can help cover the resulting consequences.

What Does My Policy Cover?

Cyber liability insurance can offer multifaceted and versatile financial protection after a cyber incident. Although you should discuss the exact capabilities of your policy and tailor it to suit your business’s unique needs, you can generally expect coverage to include potential aid for the following:

• Incident investigation costs—This may include expenses related to uncovering the cause of a cyber incident, such as by hiring digital forensics investigators.
• Notification expenses—Your policy may help cover costs when attempting to notify affected parties, such as customers whose data may have been compromised.
• Business interruption losses—You may be able to submit a claim to recoup income you would have earned if not for delays and disruptions caused by a cyber incident.
• Fees for outside help—If you need to hire attorneys to defend you against lawsuits or public relations firms to manage the fallout of a cyber incident, your insurance may help cover such costs.

How Much Does Coverage Cost?

A multitude of factors can influence your business’s premiums. When calculating a cyber liability insurance quote, carriers may look at the following:

• Industry
• Number of employees
• Existing cybersecurity measures
• Client details (e.g., number of clients and their cyber exposures)
• Types and amount of data with which you work
• Coverage limits
• Claims history

We’re Here to Help

Contact Katy Insurance Agency today to learn more about cyber liability coverage and ensure your company is protected by an ideal policy.