Cyber Liability Insurance
Cyber Liability Insurance Information
What is cyber liability insurance?
The sensitive customer data stored within company servers and in the cloud is vulnerable to attacks from hackers and other cyber criminals. Most people think only large corporations are in danger of cybercrime attacks. But, all businesses that use computers connected to the Internet are at risk.
What are the benefits of cyber liability insurance?
More than one-third of businesses experience a data breach each year. If a similar event happened at your business, would you be able to pay for the resulting damages?
Many cyber liability policies cover a variety of expenses associated with a cyberattack:
- Stolen data retrieval
- Reimbursement of fraudulent charges
- Identity protection services for customers at risk of identity theft
- Damage control for your business’ reputation
- Legal fees associated with the attack
- And other cleanup efforts
A general liability policy often excludes losses incurred because of the Internet. A cyber liability policy can fill in that gap. It may be the difference between closing your business and making a comeback.
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We can evaluate your business’s needs and find a policy that offers the best possible protection against cybercrime.
What is Data Privacy/Network Security/Cyber Coverage?
Network Security/Privacy Liability:
Provides Coverage for actions that the Insured is legally liable
for claims made against the Insured for a Network Security Breach or Privacy Violation.
Media Liability: Provides coverage for actions that the Insured is legally liable for claims made against the Insured for a Media Peril of content on the Insured’s Internet Site.
Regulatory Coverage: Provides coverage for actions/proceedings against the Insured by agency resulting from a violation of a Privacy Law and regulatory fines and penalties..
Network Interruption Business Income & Extra Expense Coverage: Provides coverage for the Loss of Income and expenses incurred to reduce Loss of Income, minimize the duration of a network Interruption, Forensic Expenses, Loss of Data due to a Network Attack/Denial of Service Attack.
Cyber Extortion Coverage: Provides coverage for costs and expenses related to a Cyber Extortion Threat, including a threat of a Denial of Services Attack, Dissemination of Private Information obtained through the Insured’s Computer System, alter/delete/damage Data or a Data Asset or the Insured’s Computer System or interrupt/suspend the Insured’s Computer System unless money or other valuable consideration is paid by the Insured.
Breach Notification/Credit Monitoring Coverage: Provides coverage for costs and expenses associated with the notification and credit monitoring to individuals whose Personal Identifiable Information or Protected Health Information has been breached pursuant to federal, state or foreign Breach Notification Laws
Crisis Management Coverage: Provides coverage for costs and expenses incurred by the Insured for a public relations firm, law firm or other expenses to communicate with the general public in order to mitigate reputational damage.
Why Purchase Privacy Coverage and Network Security?
2011 was a significant year for cyber security risk with some of the largest breaches recorded.
So far there have been 535 breaches involving over 30 million sensitive records. Since 2005, there have been approximately over 544 million records that have been compromised due to security breaches. Maintaining the proper care of personal information of your clients has come under heavy scrutiny by federal, state, and local authorities and is a target for hackers and disgruntled employees who can steal this information for identity theft. Can your clients afford NOT to have Privacy & Security coverage?
For more information contact Skip Pleninger at 917.566.3056 or firstname.lastname@example.org