Cyber Liability policies are intended to cover a variety of losses that may result not just from selling goods on the internet, but even just collecting data about their customers. Storing a name and contact info is all that’s needed to have an exposure.
Cyber and privacy policies cover a business' liability for a data breach if stored personal information is lost, stolen, or compromised. The policies cover a variety of expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft.
Who needs Cyber liability – Anyone that
Communicates with customers via email, text messages, or social media
Sends or receive documents electronically
Keeps information on file (customers, vendors and even employees personal information)
Accepts credit cards