According to an FBI report, cybercriminals stole over $100 million from 7861 attacks on South Carolinians in 2022. Cybercriminals are getting more sophisticated and the number of cyber-attacks is expected to increase. Even with strict security measures in place, the risk of a successful cyber attack is still very real. That’s why it’s so important for South Carolina businesses to invest in Cyber Liability Insurance.

Cyber liability insurance helps protect businesses against financial losses resulting from data breaches, hacking attacks, and other cyber-related events. It can also help cover the costs of repairing damaged systems, notifying customers, and offering credit monitoring services.

Keep in mind that cyber liability insurance is different from General Liability Insurance. While general liability insurance helps protect businesses against bodily injury or property damage claims, it does not cover losses due to cybercrime. That’s why it’s important to get a separate Cyber Liability Insurance policy.

South Carolina Cyber Liability Insurance Cost

The cost of cyber liability insurance depends on several factors, including the size of your business and the amount of coverage you need. Generally speaking, businesses can expect to pay around $1,000 for a basic policy with $100,000 in coverage. This doesn’t include any additional costs associated with endorsements or riders.

Other factors that could affect the cost of your cyber liability insurance policy include:

Your industry and risk profile
The types of data you store
How many employees you have
Whether or not you have security measures in place
Whether or not you’ve experienced a cyber-related incident in the past.

Some industries, such as healthcare, may require additional coverage due to their increased risk of data breaches. Companies that store sensitive customer data may also need additional coverage, while those with minimal data exposure may qualify for lower rates.

We Have the Best Cyber Liability Insurance Policies In South Carolina

Southern Insurance Group is a leader in providing cyber liability insurance for businesses in South Carolina. We understand the complexities of protecting your business from cyber threats and offer comprehensive coverage to meet all your needs. Our experienced team of insurance professionals will work with you to create a policy that is tailored to your business’s specific needs.

From basic coverage to high-end policies with advanced features and coverages, Southern Insurance Group has the right cyber liability solution for you. We offer highly competitive rates and top-notch customer service.

Who Needs Cyber Liability Insurance in South Carolina

Any business that stores sensitive customer data, processes payments or uses technology should consider investing in cyber liability insurance. Here are groups that need cyber liability insurance in South Carolina:

Retail stores
Restaurants
Hotels and resorts
IT service providers
Healthcare professionals
Financial institutions
Manufacturers
Government agencies
Schools and universities
Charitable organizations
Non-profit organizations
Online retailers
Media companies
Professional service providers
Social media/marketing agencies.

You may also want to consider getting cyber liability insurance if you are a business owner or executive who is responsible for protecting customer data. Cyber liability coverage can help protect your business from losses due to a data breach, hacking attack or other form of cybercrime.

Forms of Cyber Attacks and Events Covered by Cyber Liability Insurance

Cyber liability insurance helps protect businesses from a wide range of cyber threats, including:

Data breaches: This includes unauthorized access or theft of confidential data, such as customer information, Social Security numbers, financial records, and other sensitive material.
Hacking attacks: These are malicious attempts to gain access to a network or system without authorization.
Malware/virus attacks: This type of attack involves malicious software that can disrupt operations, damage systems and steal data.
System failures: These events can be caused by server or hardware malfunctions, power outages or natural disasters.
Employee errors: These occur when employees make mistakes that could lead to a data breach or other cyber event.
Cyber extortion: This occurs when hackers threaten to release sensitive data unless a ransom is paid.
Denial of service (DoS) attacks: This type of attack involves hackers using multiple devices to flood a network with requests, which can cause the system to crash or shut down.
Phishing and social engineering: This involves hackers attempting to gain access to data by sending malicious emails or tricking employees into providing confidential information.

All these attacks have one thing in common – they can have devastating consequences for your business.

What Does South Carolina Cyber Liability Insurance Cover?

Cyber liability insurance can help cover the costs associated with a data breach, including:

Notification Expenses

South Carolina cyber liability insurance can help cover the costs associated with notifying affected customers of a data breach. This includes expenses related to sending out notifications, setting up a call center, offering credit monitoring services, and more. Costs for legal fees, public relations and investigation expenses can also be covered by cyber liability insurance. In addition, coverage is available for business interruption costs, digital asset restoration and any fines or penalties imposed by regulatory authorities.

Privacy Liability

Sometimes, a data breach can result in customers claiming that their privacy was violated. South Carolina cyber liability insurance can help cover the costs of defending such claims and any settlement payments or judgments resulting from them. Coverage is also available for other types of third-party claims, such as copyright infringement, defamation or libel.

Network Security Liability

This form of coverage helps protect businesses from losses associated with network security failures, such as malware attacks, viruses, phishing schemes and more. Cyber liability insurance can help cover the costs of responding to an attack, restoring systems and recovering lost data. It can also provide compensation for any economic damages suffered by affected customers due to a network security failure.

Cyber Extortion

South Carolina cyber liability insurance can help cover the costs associated with responding to a cyber extortion threat. This includes reimbursement for any ransom payments, as well as legal fees and other expenses associated with resolving the situation. Coverage is also available for lost income resulting from an attack and any damage to computer systems or digital assets.

Cyber Crime

In some cases, hackers may attempt to steal sensitive data or financial information from your business. Cyber liability insurance can help cover the costs of defending against such criminal activities, including legal fees and damages resulting from identity theft or fraud. It can also provide protection against losses due to unauthorized access to your networks or systems, as well as social engineering attacks.

Data Recovery

South Carolina cyber liability insurance can help cover the costs associated with restoring any lost or damaged data as a result of a cyber event. This includes expenses related to recovering systems and digital assets, as well as fees for consulting services and tools needed to restore operations. Coverage is also available for any data breach response costs, such as public relations expenses and notification fees.

Public Relations Expenses

In some cases, a data breach can cause significant damage to your business’s reputation. Cyber liability insurance can help cover the costs of responding to such an event, including legal fees and expenses related to public relations campaigns. It can also provide compensation for any losses resulting from reputational damage, such as lost customers or revenue.

Regulatory Penalties

South Carolina cyber liability insurance can also help cover the costs associated with any regulatory penalties or fines resulting from a data breach. This includes expenses related to defending against claims by government agencies, as well as payments for any penalties imposed on your business. Coverage is also available for costs associated with responding to an investigation, such as legal fees and document production expenses.

Benefits of Coverage

South Carolina cyber liability coverage provides businesses with financial protection against the costs associated with responding to a cyber event. It helps cover expenses related to data recovery, public relations campaigns and regulatory penalties, as well as any settlements or judgments resulting from a claim. This type of insurance can also provide peace of mind that your business is protected from losses due to a cyber event.

Common Exclusions in South Carolina Cyber Liability Insurance

While South Carolina cyber liability insurance can provide coverage for a variety of expenses related to cyber events, there are some common exclusions. These include any losses caused by intentional acts or errors and omissions liability, as well as damage resulting from natural disasters. Coverage is also typically excluded for any business interruption and contingent business interruption losses. However, these exclusions may vary depending on the policy.

South Carolina Cyber Liability Insurance Discounts

Many insurance providers offer discounts for South Carolina cyber liability policies that may help reduce premiums. These discounts can include credits for implementing cyber security measures, such as employee training programs or hiring a third-party consultant to assess your risks. Other available discounts may include credits for maintaining certain industry certifications or taking steps to comply with applicable laws and regulations.

Compare South Carolina Cyber Liability Insurance Quotes

Here at Southern Insurance Group, we understand that finding the right South Carolina cyber liability insurance policy can be a challenge. That’s why our experienced agents are here to help you get the coverage you need at a price that fits your budget. We proudly offer quotes from multiple carriers to ensure you get the best deal possible. Contact us today for more information or to get started on comparing South Carolina cyber liability insurance quotes.