In the modern business world, risk management is of primary concern. Businesses are becoming more dependent on the use of technology and data, which makes them vulnerable to cyber threats, i.e., data breaches, hacking, etc. Max Insurance LLC in Des Moines, IA area’s cyber liability insurance can protect businesses from cyber-related incidents.

Key Aspects of Cyber Liability Insurance

Cyber liability insurance offers businesses financial protection and support after a cyber event, which includes-

Data Breaches

• Covers expenses associated with the notification of and credit monitoring services offered to those impacted by the data breach.
• Assists in the management of any damage to the company’s reputation caused by the breach.

Business Interruption/ Data Restoration

• Covers the loss of income loss (or additional expenses) due to business disruptions caused by a cyber event.
• Covers costs related to restoring/recreating damaged/lost data.

Regulatory Violations/Fines

Helps to reimburse insured companies for fines/penalties imposed by regulatory authorities for non-compliance.

Cyber Extortion

Protection against extortion attempts caused by ransomware attacks, etc.

Cybercrime Coverage

• Covers losses resulting from deceptive practices, like phishing attacks.
• Protects against fraudulent transfer of funds from a cyber incident.

Legal Fees

Covers legal expenses should a third party sue a business due to a cyber event.

It’s crucial to understand –

• Policy exclusions and limitations. Exclusions may include intentional and criminal acts, war, and certain types of data breaches.
• Policy limits and deductibles.

Contact Us Today

As cyber threats evolve, it’s important to review your cyber liability insurance coverage to ensure the policy is effective against new/emerging risks. By working with an insurance professional at Max Insurance LLC, you are ready for unforeseen business challenges in Des Moines, IA.