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- Risk Management Strategies
- Property & Liability Coverage
- Claims Management Advocacy
- Coordination of Coverages
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Cyber Liability Insurance |
CYBER LIABILITY COVERAGE IS AFFORDABLE, THE THREAT IS REAL.WHAT IS A PERSONAL GROUP UMBRELLA & WHY DO I NEED IT?Cyber crime has been steadily growing in recent years with data breaches becoming a regular occurrence and impacting businesses of all sizes and industry types. If you maintain personal information of employees, customers, patients, students, vendors, volunteers or others - whether in the cloud or on a network you are at risk. Here are some basic operational computing tasks that put businesses, schools, hospitals, non-profits and municipalities at risk of a cyber breach:
- Use email?
- Rely on networks, computers and electronic data to conduct business?
- Browse the internet or have your own website?
- Handle valuable or personal information on yours or another's network?
- Participate in e-Commerce or take online orders?
- Use your network to control production, manufacturing, inventory or a supply chain?
- Interact or collaborate with others (clients, suppliers, partners, or the public) via the internet?
- Advertise or promote your business online, or publish digital content?
If you answered yes to any of these questions, you face a potential cyber risk.
EVENTS THAT CAN TRIGGER NEED FOR COVERAGE - Lost/stolen portable computers, media, back-up
- Computer hacking
- Employee misuse/mistake
- Computer/application glitch
- Vendor negligence
- Improper disposal of paper records or computer equipment
INFORMATION COMPROMISED BY DATA BREACHES - Credit card information
- Personal financial information
- Personal health information
- Business information of others
- Confidential customer data
TYPICAL ALLEGATIONS ARISING FROM BREACHES - Failure to protect customer information/privacy
- Failure to notify or timely notification
- Cost to cancel or reissue payment cards/open new accounts
- Costs of fraudulent purchase
- Credit Monitoring
- Regulatory Actions - penalties & fines
WHAT THE COVERAGE PROVIDES
Policies can be tailored to include:
- Third-party coverage in response to unauthorized access, theft of or destruction of data, denial of service attacks and virus transmission
- Theft of personally identifiable non-public information
- Liability arising from failure to comply with State breach notice laws
- Privacy breach notification costs and credit monitoring services
- Defense costs for regulatory proceedings and penalties resulting from privacy incidents when allowable by law
- First party coverage including coverage for destruction and loss of data, as well as network business interruption and cyber extortion
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