What is cyber liability coverage, and how do I assess the value of a claim?
Cyber liability is if you’re a business and somehow someone hacks into your business and takes those important files for your business as ransom and will only give them back to you for a certain amount of money. Now, if you have cyber liability coverage that could potentially cover you in that situation. Worst case scenario, if that happens, and you have to pay the ransom, at least you know you have this particular coverage to help you out. Now, depending on your policy, it might also help you with the hard costs such as rebuilding the data or forensic analysis. If you’re not sure how you’re covered for a cybercrime, check with your agent or consult with an experienced insurance claims attorney.