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Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? This is true, and your business insurance policy most likely will not cover cyber liability losses.
Technology has enabled the common criminal to get into the world of cybercrime. Small businesses are a prime target, as most small businesses have little or no, protection. Criminals can actually purchase programs that can be set up to hack dozens of businesses at the same time. It is important that your business has the right business insurance, including cyber liability insurance.
Every state has enacted laws requiring notification to all customers affected by a data breach, whether or not their information has been used maliciously. In most cases, the notification also requires an option of one year of credit monitoring services and a new card or account number for the customer. Costs can be as much as $250 for each individual affected by the breach.
We specialize in cyber liability insurance (also known as Data Breach Coverage). Our experts are ready to extend their services to help you analyze and secure the best possible coverage to fit your firm and protect your company.
Cyber Insurance Coverage Offers Real Solutions
- Cyber liability
- Data restoration coverage
- Business income or lost income
- Legal notification coverage and expense
A manufacturer received a call and email from someone, whom they thought was their bank, asking for a verification of funds request. The CFO provided the information, and $75,000 was removed from their account. The cyber thief was able to take $75,000 from the manufacturer.
A restaurant had 200 credit card records stolen. The hacker was able to charge $120,000 from the credit cards. The restaurant incurred notification costs and direct damage costs of over $250,000.
An employee of a healthcare provider lost a laptop while traveling. The laptop contained names, addresses, birth dates, and social security numbers for 150 patients. The company paid for one year of credit report monitoring to affected patients to mitigate future issues. The total cost was $25,000.
Why Work With Our Insurance Agency?
- We know and understand your industry.
- We are a full-service independent insurance agency.
- Our goal is to provide the best possible combination of coverage, price, and service.