Cyber Liability Insurance
It happens every day—businesses fail in protecting customer data or communications systems that interface with other business partners or individuals, resulting in thousands of dollars worth of injury or damage to that party. Small companies are at least as vulnerable as large ones and are targeted more successfully by cyber criminals because they typically have fewer resources to throw at prevention.
Our agency’s cyber liability professionals are experts at more than just insurance products. We have dedicated staff who have technical backgrounds and coordinate with our liability specialists to advise on and design highly tailored cyber liability insurance coverage that meets each client’s specific user profile.
Whether you are a technology firm that might accidentally introduce malicious code or build a failed cyber protection system or an analytic firm that mistakenly breaches a proprietary trust online, we have a stand-alone cyber liability insurance policy or a cyber liability enhancement for your current policy that will provide financial protection. If you accept credit cards, warehouse customer data or store employees’ personal information on networked computer, you are at risk.
Let our cyber insurance specialists assess your exposure to loss and suggest insurance solutions and risk management programs that can reduce your potential for financial disaster should one of your systems be breached. We also offer cyber risk insurance, which rounds out your technology portfolio of protection by helping with costs associated with reconstructing databases, reconfiguring systems and reporting problems to appropriate stakeholders.
Specific Hazards You Face
Keep in mind that there is more than just data loss when a cyber incident occurs. These include:
- Notification costs
- Media relations
- Forensic research
- Remediation expenses
- Preventive actions, such as account monitoring
- Legal fees
Even the costs to migrate to another system can be crippling without adequate insurance, and with countries all over the world considering or implementing greater restrictions on Internet and local data use, the potential for a regulatory violation is growing.