Coverage in the event of a data breach or cyber attack
Cyber Liability Insurance Coverage (CLIC) is a form of insurance that covers a business in the event of a cyber security breach or cyber attack. Similar to a professional liability coverage, cyber risk insurance policy will help with legal fees as well as loss of income derived from network downtime or data loss. Anytime a cyber attack occurs, the effects can range in severity, usually resulting in legal investigation, recovery efforts, preventative measures, and even extortion - all of which can be very costly. While cyber liability insurance cannot stop these events from taking place, it can help offset the cost and negative effects if a business was the target of an attack.