Cyber Liability / Data Breach Insurance

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While there is no standard Cyber Liability policy form – most policies provide coverage for one or more of the following:
- Data Privacy Liability (covers loss or theft of personally identifiable customer or employee information)
- Network Security Liability (covers failure to prevent the spread of a virus or malicious electronic attack)
- Media/Website Liability (covers you for things like libel, slander, and intellectual property infringement in your online posts/website)
- Electronic Extortion (protects against threats to lock/destroy/release your data)
- Breach Response (covers the costs associated with a breach – customer notification, credit monitoring, computer forensics, legal expenses)
- Electronic Business Interruption (lost sales and downtime while a breach is resolved)
- Regulatory penalties and legal defense expenses (defense of lawsuits and fines/assessments levied by various agencies)
Average per-record cost of a Data Breach according to the 2015 Ponemon Institute Study.
of all Data Breaches involve Small Businesses (fewer than 250 employees) – according to Symantec’s 2014 Internet Security Threat report.
“There are 2 types of businesses – those that have suffered a data breach, and those that have not yet discovered the breach.”
How Much Does a Data Breach Cost?
The most recent Ponemon Institute study estimated the cost of a Data Breach at $154 per record compromised. Even with a modest customer list the cost exposure for your business can quickly reach six-figure totals.
The frequency of Data Breach events is increasing every year. Most IT security experts indicate that it’s not a matter of if your business will experience one – it’s a matter of when. Surviving the potentially catastrophic cost of a breach is a matter of proper planning, maintaining data security best practices, and ensuring that you have the right Cyber Liability policy in place for the worst case scenario.
Despite every statistic to the contrary the current reality is that many business owners still see cyber crime as only a very remote possibility or something that only happens to giant corporations. They don’t realize how frequent this type of crime is, or that the resulting loss is typically not covered under a General Liability policy. Don’t let your business become a statistic! We can help you identify your exposure and secure affordable cyber liability coverage today.