Insurers have begun introducing products aimed at first-party coverage for privacy and data breaches. If you have clients private personal or corporate information stored, you need to be ready to respond if it is stolen or compromised.
In addition to cyber liability and breach coverage for your business, some insurers also offer identity theft, and other specific coverage options to protect you personally.
Some policies will offer additional coverage for business interruption loss related to the breach, and additional services to notify your clients of a potential breach.
It can be as simple as losing a laptop or phone that is connected to your company's server. Coverage usually consists of two parts – First Party(this covers you as the insured) to address the cost of notification and reaction, and Third Party(responds to claims by clients) to address the exposure to lawsuits by those who are potentially damaged by loss of their personal information.
