Cyber Security Awareness Month!

Welcome to the 4th Quarter of 2024!

Many of you don't know that October is Cyber Security Awareness Month and Cyber Crimes are predicted to grow to $10.5T by 2025.

So what exactly is Cyber Liability Insurance and who needs it?

Cyber liability insurance is a type of insurance that protects businesses from financial losses resulting from cyberattacks or data breaches. It can cover a wide range of expenses, including: ?

• Legal fees: Costs associated with defending lawsuits or regulatory investigations. ?
• Data breach response costs: Expenses for notifying affected individuals, forensic investigations, and crisis management. ?
• Business interruption: Lost income or productivity due to a cyberattack. ?
• Cyber extortion: Ransom payments or other costs related to extortion attempts. ?
• Regulatory fines and penalties: Fines imposed by government agencies for data breaches or non-compliance. ?

In essence, cyber liability insurance acts as a financial safety net for businesses that rely heavily on technology and face the increasing threat of cyberattacks. By having this coverage in place, businesses can mitigate the potential financial damage and focus on recovering from incidents. ?

Would you like to know more about specific types of cyberattacks or how to choose the right cyber liability insurance policy?

Contact Burchman Insurance Capital to discuss protecting your business

410-274-4057

[email protected]