Cyber Liability Insurance
Coverage designed to shield a business from financial impacts caused by data breaches, cyberattacks, and other technology-related threats
Detailed Explanation
With the increasing reliance on technology, cyber liability insurance is essential for most businesses. It may cover expenses such as notification costs, legal fees, and losses from business interruption.
Practical Example
A small online retailer acquires cyber liability insurance to safeguard against potential hacks of their customer database, which may cover expenses for notifying affected customers and handling legal matters.
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