Cyber Insurance covers against the legal costs and expenses associated with data breaches, which could happen after being hacked or from the theft or loss of sensitive client information. Expenses include the cost of business interruption, forensic investigation and data recovery, ransom and crisis management costs to salvage your business’s reputation after a breach or attack. The policy also covers the financially crippling costs of defending yourself, mandatory notification costs and other legal costs.
Basically, your customer data is sacred. If you don’t protect it properly, your business could be crippled as the cost of defending yourself, making mandatory notifications and other legal costs would fall on you and you alone.
