Cyber Liability Insurance

 

It’s been said that, “Any business that uses email needs Cyber Liability Insurance”, and if your business collects health information, social security numbers, or even makes credit card transactions, Cyber coverage is paramount. Recent statistics show that over half of small to medium-sized companies go out of business within six months of a data breach. Consider a policy that protects you from Cyber Business Interruption, Social Engineering, Ransomware, and Regulatory Fines and Penalties, and helps with Data Restoration.

How well do you know your business’ cyber exposures?

Does your business retain physical or electronic records of employees or third parties Personally Identifiable Information (PII), including email addresses or physical addresses, social security numbers, birth dates, banking information, drivers’ license information, tax identification numbers, or medical records?

What you should know: If you answered “yes” to any of the above, State and Federal privacy and data breach notification laws require you to protect that data and give notice to effected parties.

Does your business have employees?

What you should know: Most data breaches involve an employee mistake. They can lose a mobile device, laptop or paper records, or make costly errors such as opening an unauthorized email containing malware. In addition, they can even intentionally steal data.

Does your business have an active website?

What you should know: Material posted electronically, or in written format, may lead to copyright or trademark infringement, or defamation litigation. If the website is transactional, additional exposures include possible hacking or disruption of your business via denial of service attacks.

Does your business use third-party vendors (e.g., cloud, IT services)?

What you should know: Businesses in possession of Personally Identifiable Information (PII) may be held liable for privacy breaches caused by their vendors or other third parties. As the owner of the data, your business is ultimately responsible for protecting it.

Does your business use mobile technology (e.g., smartphones, tablets, laptops)?

What you should know: Loss of mobile devices and the electronic content contained therein is one of the leading causes of data breaches today.

Does your business accept credit card payments, other electronic payments or have online bill pay?

What you should know: Over 25% of all data stolen is credit card and other payment information. This is a category of data that is highly desired by criminals for resale on the black market.

Does your business allow employees to use personal devices to connect to your network?

What you should know: Personal devices may not have the same security software and other connectivity procedures as company-provided devices. As a result, when these personal devices are connected to your network, there may be a higher exposure to virus or malware threats.

Does your business train employees on proper email use and other privacy issues?

What you should know: Employee negligence and/or errors are one of the top three contributors of lost/stolen data.

Does your business store your customers’ corporate confidential information?

What you should know: Companies face liability for failing to protect their customers’ and business partners’ confidential information.

For evaluating your Cyber exposures and protecting against Cyber threats, contact us for a customized
assessment. We have the tools and expertise to help protect your business against devastating losses.