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Cyber Liability Insurance

Don’t Let a Data Breach Shut Down Your Organization

Data breaches are on the rise. The cost of data breach for organizations reached $4.25 million with cyber attacks growing by 50% in 2021. Increasingly, small and medium-sized enterprises are at risk yet only 14% are prepared to protect themselves. Don’t be one of them.

Whether your organization is a start-up, a non-profit, or a multinational, the right insurance can keep your company up and running in the face of a cyber attack.

Clements Worldwide can help you minimize the risk of a data breach with Cyber Liability insurance coverage that suits the size and scale of your business – whatever business you’re in.

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Cyber liability protects company data.

Cyber Liability Insurance That Fits Your Organization

Clements’ Cyber Liability insurance coverage protects commercial and non-profit organizations of all sizes to help cover the costs of regulatory compliance, data recovery, and reputation support.  Our experienced team also understands the regulations faced by organizations operating in multiple countries and can offer cyber liability as part of a customized suite of management liability protections or as a standalone policy.

Comprehensive Protection of Your Online Assets

Clements’ Cyber Liability insurance protects your business against not only monetary damage from stolen or lost data but covers all major areas of liability associated with data breaches. It can provide coverage for a variety of expenses, including:

Benefits Include

The cost of breach notifications required domestically and internationally and regulatory responses

Technical or legal services for responding to government inquiries regarding the cyber-attack

Forensic analysis and fees to determine the nature and extent of the breach

Crisis management including the cost of public relations campaigns

Cost to recover funds transfer fraud and electronic data restoration expenses

Liability and legal expenses to help cover settlements from possible stakeholder lawsuits, fines, investigations, penalties, and other regulatory actions

Business interruption and lost revenues

Minimize Your Organization’s Risk

Our international insurance advisors can help find the coverage you need. Get in touch today for a Cyber Liability insurance consolation.
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Who Needs Cyber Liability Insurance?

In short, Cyber liability insurance is an essential investment for any business. It can help you protect your finances, your reputation, and your business.

In today’s digital world, every organization, regardless of size or industry, is at risk of a cyberattack. This includes businesses of all sizes, from small startups to large enterprises, as well as non-profit organizations, government agencies, and educational institutions.

Cybercriminals are constantly developing new and sophisticated methods to steal data, disrupt operations, and damage reputations. A data breach can be devastating for a business, resulting in financial losses, legal fees, and reputational damage.

This is true for all businesses but especially those that:

  • Accept credit card payments
  • Store personal identifiable information (PII), such as names, addresses, social security numbers, etc.
  • Use cloud-based computing
  • Have a large online presence

Why Do Businesses Need Cyber Liability Insurance?

Protect your finances: A data breach can be very expensive. The number of data breaches is on the rise, and the average cost of a data breach is now over $4 million. Cyber liability insurance can help you cover the costs of a data breach, so you don’t have to go out of business.

Protect your reputation: A data breach can damage your business’s reputation. Customers may lose trust in your business if they know that their data has been compromised.

Mitigate liability for damages: If a cyberattack occurs at your organization and results in damage to third parties, you could be held liable for the damages. This could include costs associated with data recovery, notification, credit monitoring, and legal defense.

Comply with regulations: Many countries and industries have regulations that require businesses to have cyber liability insurance. Cyber liability insurance can help you meet your compliance obligations.

Prevent disruption in your operations: A cyberattack can cripple your business operations, leading to lost revenue, productivity, and customer trust.

Protect against cyber extortion: Some cyber insurance policies include coverage for ransom payments in case of a cyber extortion attempt, where attackers demand payment to prevent the release of sensitive information or to restore access to systems.

Have peace of mind: Knowing that you have cyber liability insurance will give you peace of mind. You’ll know that you’re protected in the event of a cyberattack.

Book a Free Consultation

If you are not sure whether your organization needs cyber liability insurance, reach out for a free consultation.

It is a small price to pay for peace of mind knowing that you are protected in the event of a cyberattack.

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What Types of Cyberattacks are Covered by Cyber Liability Insurance?

Cyber liability insurance can cover a variety of cyberattacks, including:

Data breaches

Malware attacks

Social engineering and phishing attacks

Ransomware attacks

Denial-of-service attacks

It’s important for businesses to carefully review the terms and exclusions of their cyber insurance policies to understand the extent of coverage provided and any limitations or conditions that may apply.

Additional Policies for All Your Needs

Continue protecting your organization with these other insurance solutions:
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Shield your directors and officer’s personal finances from liability claims. Discover how D&O Insurance can protect your organization’s leaders and provide them with peace of mind.

We are Here to Help

Still have questions? Fill out the form below and get in contact with a Clements Business Insurance Advisor today.

From quote to claim, our licensed account executives can service all your commercial insurance needs.

Cyber security statistics source: CyberTalk