Coverage Snapshot: Cyber Liability

WHAT IS CYBER LIABILITY INSURANCE? 

Simply put, it is an insurance policy that provides coverage options to help protect a company from data breaches and other cyber security issues. But the world of cyber risk mitigation and breach response is much more complicated. A deep dive with a trusted broker is your best bet to help ensure you’re properly covered and have the proper risk mitigation measures in place. 

FIRST-PARTY COVERAGE 

This coverage lessens the financial impact on the company that purchased the insurance (the insured). It will cover THE INSURED suffering a data breach or cyberattack. 

THIRD-PARTY COVERAGE

This coverage provides liability protection in case the insured company makes a mistake resulting in a CLIENT suffering a data breach or cyberattack. View a list of coverages explained here. 

Sample Ransomware & Multi-factor Authentication Underwriting Questions Carriers are Asking – View Here 

Cyber Insurance Myths Uncovered – View Here 

6 Mitigation Measures Carriers Want to See – View Here 

Contact us to learn more about our Cyber Risk expertise. 

This material has been prepared for informational purposes only. BRP Group, Inc. and its affiliates, do not provide tax, legal or accounting advice. Please consult with your own tax, legal or accounting professionals before engaging in any transaction.