Cyber liability insurance
Cyber liability insurance and technology errors and omissions insurance both cover data breaches at IT businesses. The type of coverage your business needs depends on whether a cyberattack could damage your company, your clients, or both.
Third-party cyber liability insurance can pay for a business's legal expenses if one of its clients files a lawsuit after experiencing a data breach.
First-party cyber liability insurance protects small businesses against the financial impact of data breaches and cyberattacks.
Cyber extortion is an internet crime in which someone holds electronic files or your business data hostage until you pay a demanded ransom.