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First-Party vs. Third-Party Coverages in a Cyber Insurance Policy: What Business Owners Need to Know

What if a single cyber attack could cost your business hundreds of thousands—or even millions—of dollars? Worse, what if your insurance policy didn’t cover it? Many business owners don’t realize their coverage gaps until it's too late. This video breaks down the critical differences between first-party vs. third-party cyber insurance and why both are essential to protecting your business from financial devastation.

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🔹 First-Party vs. Third-Party Cyber Coverage: What’s the Difference?
First-party cyber insurance covers your business’s direct financial losses after a cyber attack, including:
✅ Business interruption costs
✅ Ransomware payments
✅ Breach notification & credit monitoring
✅ Data restoration & system repair

Real-World Example: A law firm is hit with ransomware, locking them out of case files. Thanks to their first-party cyber policy, they recover their data and losses without financial ruin.

Third-party cyber liability insurance, on the other hand, protects your business if customers, vendors, or regulators hold you responsible for a cyber incident. It covers:
✅ Lawsuits & legal defense costs
✅ Regulatory fines & penalties
✅ Vendor and partner downtime liability

Real-World Example: A retail company suffers a point-of-sale breach, exposing thousands of customer credit cards. Their third-party cyber policy covers the lawsuits and regulatory fines that follow.

🔹 Cyber Insurance Myths—Debunked!
❌ "I already have general liability insurance, so I’m covered." – Wrong! Cyber events require a dedicated policy.
❌ "My business is too small to be a target." – Small businesses are prime targets!
❌ "We have strong IT security, so we don’t need cyber insurance." – Even top security measures can fail.

🔹 Frequently Asked Questions
💰 How much does cyber insurance cost? – $1,000–$10,000 per year, depending on business size and risk factors.
⚖️ Do I need both first-party & third-party coverage? – Yes! First-party covers your losses, while third-party covers claims against you.
🏥 What industries are most at risk? – Healthcare, finance, retail, law firms—any business handling sensitive data.
🛡️ How do I get the best cyber policy? – Work with an expert broker (like The Coyle Group) to customize your coverage.

Cyber attacks aren’t a question of if—they’re a question of when. Make sure your business is protected.

📞 Let’s discuss your cyber insurance needs today! Contact us at https://thecoylegroup.com/contact.

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