Cyber crime against a business can lead to the damage and misuse of sensitive information. If this happens, recovery costs can mount and include specialized repairs and legal fees.
“Cyber liability exposures represent an emerging threat to business today,” says Bryan Smith, vice president of product management at The Hartford. “Threat actors continue to develop increasingly sophisticated ways to access business systems and networks leading to the potential loss or destruction of confidential business and customer information.”
“If a cyber criminal gains access to your device, they could use that access to damage other people’s networks or devices that you do business with,” says Dave Hynek, general manager of commercial lines marketing at Acuity. “When this happens, you could be pulled into a lawsuit. Cyber liability will help you respond to such a suit.”Breaches occur when critical information is stolen such as personal financial information.Cyber extortion.
These costs include things like investigative services, data recovery and identity recovery. Data recovery covers the costs of recovering your data following a breach. Identity recovery pays for costs and services needed to get control of your identity information following an identity theft.
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