Loss or theft of data is the same as any other type of property damage. It might cause significant headaches for the business, make sensitive information public and cause a lot of problems for a lot of different people. Additionally, it could lead to massive financial challenges for any business, and no business is immune to cyber threats, no matter how strong their data security might be.
In these cases the business, even though it might be a victim, still must take responsibility for remediating the matter. Cyber liability insurance is the benefit that will ensure the policyholder can do so at as minimal a financial loss as possible.