Protect your data. Protect your business.

Cyber Liability Insurance

No matter how small your company is, you’re potentially at risk of a data breach or cyber incident if you use technology to do business. You need cyber liability insurance in Mississippi. It’s that simple. You may think cyber coverage is only for big technology firms and financial institutions, but it’s also for mom-and-pop shops.

A standard business owners policy covers damages to your physical computer equipment. But that’s just equipment. We’re talking about the data and confidential information on your computers. You will need additional protection to protect your company’s operating data, website, and private customer information. Cyber insurance can cover repairs, lost business, and lawsuits caused by the loss of confidential data.

Why would I need cyber liability insurance in Mississippi?

As remote work has risen in popularity and necessity, cyberattacks have also increased significantly. Businesses large and small have found that their existing insurance often doesn’t cover data breaches and the costs associated with cybercrime.

Small businesses often don’t have great cybersecurity, which attracts attackers. A cyberattack can force you out of business and be a huge inconvenience for you and your clients. Simply put, data breaches and cyberattacks are costly.

With cyber insurance coverage, your company can recover from financial damages caused by cyberattacks and data breaches. It can cover high-cost expenses like credit monitoring for clients whose private data has been breached, legal fees, fines, and even professional help from lawyers and technical advisors.

Types of Cyber Insurance Coverage

Privacy and Security Liability

You will be held liable if private employee or customer data is compromised due to faults in your systems or theft by hackers or disgruntled employees. This coverage protects you from liability exposures associated with this risk.

Crisis Management

This coverage generally provides reimbursement for expenses incurred to restore lost or corrupted data and to get your systems back up and running. The policy may also cover costs for using consultants, public relations, and advertising to rebuild your reputation and restore consumer confidence after an incident.

Business Interruption, Denial of Service Attacks, and Lost Income

Suppose your internet service provider has downtime due to a cyberattack, has a glitch, or goes out of business. Cyber insurance will help cover the losses you may incur, like lost revenue, costs for restoring valuable data, and costs to repair systems.

Cyber Extortion

Cyber extortion happens when you receive a threat of attack on your computer system or website and a demand for money to avert or stop the attack. Coverage for this risk will generally cover the settlement and the cost of hiring a security firm to track down the extortionist.

Media or Web Content Liability

This coverage protects you from claims of libel, slander, copyright, and trademark infringement for content, slogans, and photos on your website. It also protects you from liability exposures associated with banner ads on your website representing other businesses.

How does it work?

Cyber liability policies often include “first-party” coverage, which refers to losses that directly affect a business, and “third-party” coverage, which refers to losses incurred by other companies doing business with the impacted organization. For instance, first-party insurance would pay for notifying your customers of a data breach. If a client sues you for negligence after a hacker obtained their personal information, third-party coverage will pay your legal costs.

Cyber insurance reimburses a company for any financial losses brought on by a cyberattack or data breach. Additionally, it aids companies with remediation-related expenses, including paying for the investigation, crisis communication, legal counsel, and customer refunds.

In addition to protecting against financial losses, cyber liability insurance can provide businesses with access to resources and expertise to help them respond to cyber incidents, like legal and IT professionals who can help navigate the aftermath of a cyber attack and mitigate the damage.