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Cyber Insurance Suite: Cyber Liability and Data Breach Insurance

Help your business respond to various cyber-attacks, including personal information breaches, system hacks, and data damage when you add cyber insurance to your commercial policy.

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What Is Cyber Insurance?

Commercial cyber insurance, also called cyber risk insurance or cyber security insurance, protects against cyber-attacks and data breaches by covering costs like lost income and legal fees. With cyber threats on the rise, having this coverage is crucial for safeguarding your business and its future.

At Westfield, our Cyber Suite product combines cyber liability and data breach insurance to help ensure your business can react to and recover from cyber-related events. Our cyber insurance also provides eRiskHub® cyber risk management services to assess your cyber liability exposure and help shore up weaknesses in your systems. Key features include:

  • Incident response roadmaps
  • Online training modules
  • Directory of external resources
  • News center with industry articles
  • Learning center with best practices and white papers

What Is Cyber Liability Insurance? 

Cyber liability insurance is designed to help protect businesses from the financial repercussions of cyber-related incidents. This type of insurance typically covers:

  • Legal and regulatory expenses or fines
  • Extortion costs associated with ransomware attacks
  • Lost income due to business interruption

What Is Data Breach Insurance?

Data breach insurance helps businesses respond to a data breach and better manage the aftermath. This type of insurance typically covers:

  • Notification costs to inform affected individuals
  • Lost income due to business interruption
  • Credit monitoring services for affected individuals
  • Expenses related to investigation, legal, and public relations services
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Need to File a Cyber Insurance Claim? 

Call us at 800.243.0210, option 3, to report your claim as soon as you can — we’re here to help 24 hours a day, 365 days a year.
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Businesses That Benefit

Who Needs Cyber Insurance?

As a business that collects and stores data on customers, vendors, employees, or patients, you have a responsibility to safeguard that information. Both large and small businesses are vulnerable to cyber-attacks and face internal risks of employee errors or malicious acts. In fact, cyber insurance for small businesses is vital, as hackers often see these organizations as easier targets.

Here are just some of the businesses that should consider adding cyber insurance to their commercial policy:

What Does Cyber Insurance Cover?

Cyber insurance typically covers a variety of business risks that are divided into two categories: first- and third-party coverage. In many cases, extortion expenses, damage to your data and systems, and legal costs, are covered. Our Cyber Suite combines seven powerful first- and third-party coverages to quickly restore your business from the devastating impact of a cyber-attack. Let’s look at first-party vs. third-party cyber insurance coverages.

First Party Coverages*

First-party coverages help protect against damages that you and your business suffer due to a data breach, including:

  • Data Compromise Response Coverage: Covers expenses for breach of personal information.
  • Computer Attack Coverage: Pays for damage to your data and systems caused by a computer attack.
  • Cyber Extortion Coverage: Aids your business in response to an extortion threat.
  • Identity Recovery Coverage: Provides business owners with case-management services and financial resources to recover stolen identities. 

Third-Party Coverages

Third-party coverages help protect against damages affecting your customers or partners due to a cyber-attack on your business, including:

  • Data Compromise Liability Coverage: Provides protection if your data gets compromised and you face lawsuits for not responding quickly or efficiently.
  • Network Security Liability Coverage: Covers claims that a system security failure on your part caused damage to a third party.
  • Electronic Media Liability Coverage: Offers protection against claims that information displayed on your website caused damage to a third party.

$4.45 million 

The global average cost of a data breach in 2023 was $4.45 million. — Annual Data Breach Report, IBM

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Pricing Factors

How Much Does Cyber Insurance Cost?

Cyber insurance cost depends on your business’s exposure to cyber risk and your coverage needs. Factors that can affect your rate include:

  • Size of your business
  • Network security
  • Industry you operate in
  • The amount of sensitive data you handle
  • Claims history

For a cyber insurance quote tailored to your specific needs and risk profile, talk with your Westfield agent.

Customize Your Policy

Explore Other Add-On Coverage Options

General Liability

Coverage for when bodily injury or property damage happens on your premises, regardless of whether you’re legally responsible.

Commercial Auto

Protection for the vehicles your business owns, hires, or borrows and the employees who drive them. 

Commercial Property

Coverage for your buildings, your business property, and the personal property of other people.

Crime Insurance

Protection against stolen money or property inside or outside your premises under certain circumstances.

Business Interruption

Coverage that keeps the cash flowing and helps you meet your obligations while working to get back in business.

Equipment Breakdown

Coverage for the cost to repair or replace equipment and any property damaged by the equipment breakdown.

Inland Marine

Coverage for property that is movable or used in multiple locations, such as equipment, tools, and goods in transit.  

Workers’ Compensation

Coverage that pays for the medical care, rehabilitation costs, and lost income of employees who are injured on the job.

Commercial Umbrella

Protection beyond the coverage limits of your business policy that is typically used for larger exposures.
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Cyber Insurance Quotes

A single cyber-attack or data breach can significantly disrupt your business and test your well-earned reputation. Add cyber insurance to your commercial policy to help protect against financial losses and reputational damage.
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Cyber Insurance

Frequently Asked Questions

How much coverage you need depends on your business’s specific risk profile. Factors to consider include the type and volume of the data you handle, as well as any regulatory requirements you must follow. A Westfield agent can help determine the coverage you need. 

We think so! Cyber threats are on the rise, and a single cyber-attack can have a significant impact on your business’s financial health and reputation. Therefore, it’s a good idea to be prepared with adequate cyber insurance. 

While cyber insurance typically covers expenses related to a data breach or cyber-attack, such as legal fees and notification costs, these policies generally do not compensate for a decrease in company value or lost business opportunities. It’s essential for you to review your cyber policy carefully to ensure you understand the exclusions and limitations. Your Westfield agent is here to help!

*Please review your actual policy language to see applicable coverages, limits, and exclusions.