Imagine you just got the news that a hacker came after your business. As a business owner, you may instinctually want to protect both your company and your customers. After all, you worked hard to build both. Unfortunately, providing your customers with the support that they need after a hack can be costly.
In this situation, cyber liability coverage can help you help your customers without going bankrupt. Each policy varies, however, there are a few essential services that your insurance carrier may offer.
Notify All Involved
If experts verify that hackers attacked your company, the first thing you may wish to do is notify affected parties immediately. This notification may be more expensive than it seems at first. You may need to pay a public relations firm to craft your message, an email service to send messages to subscribers, or a mailing house to post notices that way.
Perhaps one of the best ways to guard against reputation damage from a hack is to show that you have your customer’s interests in mind. If you want to do more than just say you care, you can offer free credit monitoring for affected customers. If you have cyber liability insurance, your carrier may pay for this expense.
Keep Information Safe
In some cases, the hackers want money from you. In exchange, they may return the information. Some cyber liability policies can pay the money to keep data safe.