insurance coverages for individuals and businesses
Your law firm, Whitener & Whitener PC, is well known in laundry circles for your clean sweeps. You’re still soaking in yesterday’s courtroom victory over a dry cleaning fluid spill when you receive a phone call. The distorted voice on the other end politely informs you that you have been hacked, and that the sensitive information stolen from your servers will be aired unless they receive prompt payment.
Your files are indeed gone. This doesn’t bode well. The stolen files include the acquisition target of a coin-op laundry chain, the patent technology for a new spot remover, and numerous lists from a fabric softener class action suit containing the personally identifiable information of the chemically aggrieved plaintiffs. That’s a lot of dirty laundry. Your squeaky clean reputation is on the line.
But regardless of how things come out in the wash, your cyber policy is there to help you through every stage, from crisis negotiation, payout and forensic investigation, to public relations repair and legal fees. That’s a breath of fresh air.
Our dedicated independent agencies can accurately assess your cyber insurance needs and, should a claim ever arise, be your advocate throughout the process. Discover the network agency nearest you to shop locally for superior service and expert knowledge.
Examples of AVAILABLE COVERAGes
Security & Privacy Liability; Privacy Regulatory Liability; Media Liability; Technology Liability; Breach Response and Crisis Management; Costs Data and Program Damages; Network Business Interruption; Income Loss; Outsourced Network Business Interruption; Income Loss Customer Attrition; Reputational Income Loss; Cyber Extortion and Ransomware.
What is Cyber Liability Insurance?
There are all kinds of terms to describe the same exposure including Cyber Liability, Privacy Liability, Security & Privacy liability, Data Breach, Network Security, and Cyber Security Insurance to name a few. All of these names focus on your exposure to a data breach. A data breach can occur when personally identifiable information is compromised by hackers, a faulty transaction, malfunctioning technology, simple human error and even lost or improperly disposed data. The effect of a data breach on your small business could be devastating. You will have to pay to notify the affected individuals as well as the potential expenses arising from credit monitoring, identity theft resolution, analysis into how the data breach occurred and any steps needed to avoid another occurrence. These costs can be heavy and time consuming to identify. Security and Privacy Liability Insurance, also known as Cyber liability protects businesses in the event of a costly data breach.
Why Have Cyber Liability Insurance?
You will be hacked, it is not a matter of if, but when. Data breaches occur every day. While hacking incidents are the most recognizable and expensive cause of data loss, they are not the most common. It’s a startling fact - simple human error accounts for three out of four incidents.
· 40% of the data breach cases are from people making mistakes, such as losing laptops and flash drives.
· 36% are system glitches, such as software updates, which inadvertently expose sensitive private files.
· 24% are malicious and criminal attacks.
No matter the sophistication of the security system, there is little that can be done to eliminate the risk of human error. A common, accidental breach is a real business risk worth considering today.
Protection covers both online and offline services and information. It can cover a wide range of issues such as: security breaches, mistakes and unauthorized employee acts including virus attacks, hacking, identity theft or private information loss and infringing or disparaging content. Also includes theft of trade secrets and proprietary or confidential information from the insured.