Cyber Liability Insurance in Marinette, WI and Menominee, WI

Cyber liability insurance can provide businesses with needed coverage for data breaches, data loss and cyberattacks. As operations modernize and information is increasingly processed and stored digitally, the chance of these events occurring rises.  

Businesses of all sizes and industries face these exposures; the team at Marinette Insurance and Financial Services, LLC in Marinette, Wisconsin, can work with you to find the optimal cyber liability insurance policy to help mitigate these risks. Contact us today to get started.  

What Is Cyber Liability Insurance? 

Cyber liability insurance is also known as cyber security insurance or cyber insurance. It is a coverage that can provide financial aid if confidential or sensitive information is compromised or lost. These payments can help mitigate the impact on your businesses and clients, and they may supplement your other insurance policies that often do not cover these events.  

How Does Cyber Liability Insurance Work? 

Policies vary, but cyber liability insurance generally functions similarly to other insurance. In exchange for a premium, an insurer agrees to provide financial assistance if a covered cause of loss occurs. This coverage can help pay for damages and your business’s recovery costs after data loss or cyber security incidents such as: 

  • Cyberattacks
  • Cyber extortion
  • Malware and ransomware attacks
  • Accidental releases of confidential information
  • Phishing attacks
  • Malicious destruction of data
  • Distributed denial-of-service (DDoS) attacks

This financial assistance may be used to: 

  • Notify affected parties.
  • Pay regulatory fees, fines or penalties.
  • Recover lost or stolen data.
  • Pay for cyber extortion-related costs.
  • Investigate the cause of a data breach.
  • Pay for credit monitoring services for impacted clients.
  • Cover the income lost due to a cyber security event.
  • Pay for public relations to help rebuild your business’s reputation.
  • Cover legal costs (e.g., defense costs, settlements and judgments) if a client files a lawsuit against your business after a data breach.

Coverage for other cyber security events may be available. Your insurance agent can provide more details regarding options, limits and exclusions. 

How Much Cyber Liability Insurance Do I Need? 

Businesses that process or store confidential or sensitive data (e.g., health and financial records) should consider adding cyber liability insurance. Computer systems, networks and servers are vulnerable to hackers and data loss even with safeguards in place (e.g., firewalls and antivirus software). Specific insurance needs vary from business to business, and it is essential to assess your exposures to ensure you secure a policy that provides adequate coverage.  

How Much Is Cyber Liability Insurance? 

Several factors impact cyber liability insurance premiums, including:  

  • Your industry
  • Your cyber risk profile
  • Selected coverage limits
  • The amount and type of data your business stores or processes

Other variables may affect its costs. Contact us for a cyber liability insurance quote. 

Get Cyber Liability Insurance 

The professionals at Marinette Insurance and Financial Services are ready to help your business get the cyber liability insurance policy that suits your needs. Contact us today for more information.