Cyber Liability Insurance

Cyber liability insurance is a type of insurance that protects businesses from legal liability for data breaches and cyber attacks. These types of incidents can result in significant financial losses for businesses, as well as damage to their reputation and customer trust.

There are several key benefits to cyber liability insurance:

  • Financial protection: Cyber liability insurance can help to cover the costs of responding to a data breach or cyber attack, including legal fees, notification and credit monitoring services for affected individuals, and public relations expenses.
  • Data Breach Coverage: In the event your company suffers a data breach, you are, by law, required to notify affected parties. Notices need to be drafted by appropriately qualified lawyers, printed and sent out by physical mail. Expensive computer forensics are generally required to identify the source and nature of the loss. Affected individuals often demand credit monitoring services or an equivalent in order to minimize the risk of identity theft. The costs can add up quickly. Cyber Liability Insurance can help mitigate these losses.
  • Business Interruption Loss Reimbursement: Cyber attacks can cause an IT failure that disrupts your business operations, from computer viruses to Credit processors going offline, these disruptions can cost your organization both money and time. Cyber Liability Insurance may cover loss of income, plus increased costs to business operations may also be covered.
  • Cyber Extortion Defense: Ransomware and other malicious software are designed to steal data, or access, from organizations and then ransom it back for a steep fee. There attacks involve the theft of key data, but they can also involve taking over your company website. Cyber Liability Insurance can help recoup these losses.
  • Forensic Support: Some Cyber Liability Insurance policies offer 24/7 support from cyber specialists which help you investigate the extent of a breach after an attack, many will also reimburse the insured for the cost of these services.
  • Legal Support: Legal assistance can be costly, but in the wake of a cyber breach many businesses see no other option than to seek legal support. Cyber Liability Insurance can help you afford the proper legal work you require after a cyber attack.
  • Risk management: Cyber liability insurance can help businesses identify and mitigate their cyber risks, by providing risk assessment and management services and training on cyber security best practices.
  • Reputation protection: Cyber liability insurance can help businesses protect their reputation by covering the costs of responding to a data breach or cyber attack and managing the public relations fallout.

Businesses of all sizes and types may want to consider cyber liability insurance, particularly those that handle sensitive customer data or that are at higher risk of cyber attacks. This includes businesses in industries such as healthcare, finance, and retail, as well as those that operate online or rely heavily on technology.

Request More Information

According to the FBI's Internet Crime Complaint Center, there were over 600,000 cyber crimes reported in the United States in 2020, resulting in losses of over $3.5 billion. The most common types of cyber crime include:

  • Phishing scams: These are fraudulent emails or messages that are designed to trick individuals into disclosing sensitive information, such as passwords or financial account numbers.
  • Ransomware attacks: These are attacks in which a hacker holds a victim's data or systems hostage until a ransom is paid.
  • Malware attacks: These are attacks in which malicious software, such as viruses or Trojans, is used to gain unauthorized access to a victim's systems or data.
  • Denial of service attacks: These are attacks in which a hacker floods a victim's website or server with traffic, making it unavailable to legitimate users.

Talk to one of our agents

Craig Concklin

Craig Concklin

@Craig Concklin

See My Bio
Michael Mormando-1

Michael Mormando

@Michael Mormando 

See My Bio
Mike O 2020 website

Michael O'Donnell

@Micheal O'Donnell

See My Bio
Christine Lee Headshot 2021 website-1

Christine Lee

@Christine Lee

See My Bio

The Concklin Difference

Family Owned Small Business

We understand small business because we are one. Concklin Insurance Agency was started by Craig Concklin and his father, Tom Concklin in 1981.  We continue to be a family owned, small business to this day.

Independent Insurance Agents

Concklin Insurance Agency has relationships with over 30 insurance carriers.  This means we have options to make sure you have the coverage you need, at the best value - uninterrupted.

Value Added Services

We offer a wide range of value added services including our Client Resource Portal and comprehensive Training and Learning Solutions Portal.

Community Involvement

We understand the importance of community. Which is why we participate in fund raisers, and donate directly to local and national nonprofits.  

Client Advocacy

As Trusted Insurance Advisors we are your advocate for all things insurance. We are here to talk about ways to mitigate your losses, provide insights into the insurance market and trends, and ,should a claim occur, we are in your corner every step of the way.

Referral Program

At the end of every quarter we donate $20 for each referral we receive. If you'd like to learn more about our referral program, or send us a referral - click here.

Additional Resources