Should your business be unable to perform normal business operations, a cyber liability policy can help pay for expenses related to an interruption. The coverage pays for:
• Lost income due to the event
• Profits that would have been earned had the event not occurred
• Operating expenses, such as utilities, that must be paid even though business temporarily ceased
• Rented or leased equipment
Cyber liability coverage also helps protect your business from the following events:
• Data breaches, including costs for customer notification, some legal costs and credit monitoring for those affected
• Damages to third-party systems, if, for example, an infected email from your servers crashes the system of a customer or vendor
• Data or code loss due to a natural disaster or malicious activity. Physical destruction of equipment is covered under a different policy.
• Cyber extortion, including ransomware, which is malicious code installed into a computer on your network that prevents you from accessing it until a ransom is paid
Even though business interruptions due to cyber attacks are relatively uncommon, being unprepared for one could prohibit you from doing business as usual. Contact Scirocco Group today to find out how we can help you avoid a business interruption.
Third-party interruptions can have a major effect on your business
While natural disasters are still the main reason for an interruption, another cause is quickly moving up the ranks: cyber attacks. As businesses continue to rely on computers and digital storage of essential data, cyber attacks will continue to be a potential exposure. Read on to learn how a cyber attack could lead to a business interruption and what you can do to mitigate the risk.