Tivly, a two-sided marketplace that matches businesses to insurance providers, has launched its latest educational resource, “Facts About Cyber Liability Insurance.” Partnered with over 200 insurance agents, brokers, and carriers, Tivly aims to inform consumers about the significance of cyber liability insurance, addressing the causes and consequences of data breaches and how businesses can safeguard themselves against cyber threats.
Data breaches occur when hackers unlawfully access personal information, often using it for extortion. Cybercriminals commonly employ ransomware and malware to infiltrate company systems, but their methods can vary widely. Given the growing dependence on the Internet, Tivly emphasizes the critical need for businesses to invest in protection. Post-breach, companies face substantial costs related to liability, system recovery, customer notifications, regulatory fines, and potential class action lawsuits.
Cyber liability insurance can offer extensive protection for businesses. It typically covers data loss and recovery, identity theft, cyber extortion, business interruption, general liability, and the restoration of business reputation. This insurance can also safeguard a company’s customer base by facilitating notifications, data restoration, and troubleshooting to resolve breaches. Tivly underscores that maintaining consumer trust is essential for business operations, making cyber liability insurance indispensable.
Tivly’s guide provides a good understanding of why and how data breaches occur, the financial impact of cyber attacks, and the protective measures offered by cyber insurance. You can visit Tivly’s website to learn more about coverage and how it can help protect their operations.
Source: Tivly Releases “Facts About Cyber Liability Insurance” Guide.