Cyber Liability Insurance
Cyber Liability Insurance Information
Cyber Network Security
What is cyber liability insurance?
The sensitive customer data stored within company servers and in the cloud is vulnerable to attacks from hackers and other cyber criminals. Most people think only large corporations are in danger of cybercrime attacks. But, all businesses that use computers connected to the Internet are at risk.
What if a dentist's office was broken into and a safe containing back-up discs storing information on patents was stolen. the US Department of Health and Human Services determined that the dentist was required to notify patients, implement a call center, post a notice on the dentist's website and issue a media release. In addition the doctor is subject to HIPAA fines and penalties.
As more of your patients' data is stored and shared online, in email, and on your mobile devices, there is greater risk of accidental and malicious exposure of your patients' personal information. Cybercriminals target companies of all sizes, but small- to medium-sized businesses are the most vulnerable because they rarely have cyber insurance or controls in place. 62% of cyber attacks impact small- to medium-sized companies because hackers know they are vulnerable. Even worse, only 40% of small companies suffering a cyberattack are still in business six months later.
What are the benefits of cyber liability insurance?
More than one-third of businesses experience a data breach each year. If a similar event happened at your business, would you be able to pay for the resulting damages?
Many cyber liability policies cover a variety of expenses associated with a cyberattack including:
- Stolen data retrieval
- Reimbursement of fraudulent charges
- Identity protection services for customers at risk of identity theft
- Damage control for your business’ reputation
- Legal fees associated with the attack
- And other cleanup efforts
Policy Limits from $50,000 up to $1,000,000
Optional regulatory proceeding coverage is available.
A general liability policy often excludes losses incurred because of the Internet. A cyber liability policy can fill in that gap. It may be the difference between closing your business and making a comeback. Get started today! We can evaluate your business’s needs and find a policy that offers the best possible protection against cybercrime.