Cyber Liability Insurance in NJ
Is your business protected against cyber attacks or digital disasters?
Data breaches have become too common for small businesses and large firms. What are the steps to take now to protect your business and your clients from being victims of cyber crimes in the future? Consider cyber liability insurance in NJ.
DOES GENERAL LIABILITY INSURANCE COVER A CYBER BREACH?
Liability insurance covers physical damages to lives and tangible property. Tangibles are items covered that have a dollars and cents value impacted by the loss of services, products or other unplanned interruptions.
But what about a cyber breach? Most liability policies don’t begin to cover these digital mishaps. The latest statistics show that over 55% of data breach problems occur to smaller companies.
A cyber attack will not only damage the entire computer system, but can also damage a company’s reputation and valued customers. Small business owners do not have rainy day funds to overcome these losses, making it even more necessary and prudent to have a cyber liability insurance policy.
- The average cost of a data breach in the US is $1.3 million for enterprises
- Small and medium-sized businesses spend an average of $117,000 to recover from data breaches
- 54% of businesses worldwide have reported a data breach or cyber security attack
WHAT IS COVERED BY CYBER LIABILITY INSURANCE IN NEW JERSEY?
NJ Cyber Liability Insurance generally covers:
- First and foremost, to ensure customers are notified if a data breach occurs.
- Assistance with associated legal fees.
- Recovery of compromised data.
- Repairs for damaged computer software and hardware.
- Restoration of all personal customer identities and information.