Cyber Liability Insurance
Cyber Liability Protects Digital Assets and All Types of DataDid you know that there are actual applications that can be downloaded, which can be used to monitor your computer activity and smartphone use?
Your business’s electronic and paper data is at risk every day. Internal or external hackers or errors can compromise your electronic data and any paper data. Cyber attacks can happen to companies of any size. In fact, small business and mid-size business are most at risk for cyber attacks. In 2011, nearly 72% of data breaches occurred in companies with less than 100 employees.
The question isn’t should you have a Cyber Policy but rather what type of limit should I carry and without a policy, could I afford to pay all the costs that I would incur or would it close my business down?
Some items you would be responsible to pay for up into the tens and hundreds of thousands of dollars or more besides a potential lawsuit and attorney fees could be:
- Credit monitoring and repair expenses
- Merchant Services
- Investigation expenses
- Notification expenses
- Public relations expenses to repair brand and image
- Legal expenses
- Fines and penalties
- Extortion costs from cyber attacks
To learn more about cyber liability click here to contact us.
Emerging Technology Presents New ChallengesAnother emerging risk in cyber liability is the use of wearable devices in the workplace. As more people are using wearable or handheld devices to track movement, vital signs, etc., the privacy issues faced by employers will grow. The risks companies face with these devices include privacy, liability, and security issues.
Cyber Liability Coverage TypesFollowing is a summary of the Cyber Liability Coverage offered by Quantum World Wide.
- Network Security Liability – Covers damages and expenses from unauthorized access to a system that results in theft or loss of data, or denial-of-service attacks.
- Privacy Liability – Covers loss of electronic or non-electronic data in your care, custody, and control.
- Regulatory Liability – Covers defense expenses, and penalties and fines from violation of a privacy law.
- Multi-Media Liability – Covers copyright infringement and defamation from postings or images on your website or social media sites.
- Data Restoration – Pays for costs incurred for the restoration of any data stored in your care, custody, and control.
- IT Forensics – Pays for the costs incurred to collect, analyze, and recover criminal or corrupt digital files, malware, or evidence of hacking.
- Cyber Extortion – Covers expenses resulting from extortion threats against the insured.
- Business Interruption – Covers business interruption loss or restoration expense as a direct result of a breach that caused system failure.
- Crisis Management – Covers expenses related to notification, credit monitoring, and forensic investigations.
Make The Right Choice Insurance Agency your go-to business insurance broker. Click here to get a quote today or call us at 602.635.1567 and find out why so many people switch to The Right Choice Insurance Agency!
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