Cyber Savvy: Do I Need Cyber Liability Insurance?

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  • Discussing the necessity of cyber liability insurance for individuals and businesses.
  • Understanding the lack of legal requirements for cyber liability insurance.
General Exclusions in Standard Policies
  • Most standard insurance policies have exclusions for cyber losses.
  • General liability policies often exclude coverage for data breaches and cyber attacks.
  • Errors and Omissions (E&O) policies may exclude cyber-related damages.
Evaluating Cyber Liability Insurance
  • Differences in coverage: No standard cyber liability insurance policy exists.
  • Importance of verifying coverages specific to your needs.
  • Surplus lines policies: Custom terms and conditions from each insurance company.
Business Dependence on Cyber Systems
  • The widespread reliance on computer systems in various industries.
  • Examples of cyber dependency: customer management systems, e-commerce, payroll, and manufacturing systems.
Third-Party Cyber Risks
  • Coverage considerations for third-party dependencies.
  • Impact of suppliers’ cyber issues on your business.
  • Need for coverage when your system compromises customer information.
Industry Requirements and Contracts
  • Certain industries may have licensing requirements mandating proper coverage.
  • Contractual obligations that indirectly necessitate cyber liability insurance.
Working with Insurance Professionals
  • Importance of consulting with an experienced insurance agent or broker.
  • Assessing current coverage, identifying gaps, and determining the value of cyber liability insurance.
  • Possible prerequisites for obtaining cyber coverage, such as implementing protective measures.
  • While not legally required, cyber liability insurance can be crucial for mitigating risks associated with cyber threats.
  • Ensuring comprehensive protection for your business and clients by securing the appropriate coverage.
If you have questions or want to delve deeper into today's topics, visit at for additional resources. Until next time, stay insured and stay informed!
Cyber Savvy: Do I Need Cyber Liability Insurance?
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