Protect Against Cyber Attacks!
Cyber Liability Insurance provides vital protection for businesses against malicious and non-malicious threats to electronically stored sensitive information (such as SS #’s or credit card details). With more and more companies conducting transactions online the risk of a cyber attack is constantly increasing. And as technology advances so do the number of ways hackers can access that stored data. What is important to remember is that the business owner is responsible for protecting this data and can be liable if it is compromised!
Data breaches affect millions of records each year, and don’t think that only the “big” companies are at risk – a Symantec survey conducted in 2011 showed that out of 2,100 small and midsized businesses 73% had experienced a cyber attack, and 30% of those attacks were “somewhat or extremely effective”.
Malicious threats such as Hackers, Malware, Spyware, “Phishing” and even disgruntled employees can create exposure, but just as dangerous are non-malicious threats like lost, stolen or misplaced laptops and cell phones with access to stored sensitive customer information; improper protection of your computer systems against unauthorized users; and internal network sharing/configuration errors. Companies are also now required to notify their entire customer database if a breach is even suspected so take your total number of clients and multiply by $30 (avg. cost per customer) and you can see the immediate effect on your bottom line – and that’s not including damage to your reputation and customer confidence!
Another area of concern for many businesses is HITECH, or Health Insurance Technology for Economic and Clinical Health, in which business administrators, and not just healthcare professionals or associates, are responsible for securely administering, storing and transmitting Protected Health Information (PHI).
Still not sure whether you need Cyber Liability Insurance? If you handle or store private information belonging to customers, patients or employees the answer is absolutely YES.
Cyber Liability Coverage can include:
- Notification Expenses
- Defense Costs
- Services for Impacted Individuals
- Legal & Forensic Services
- Good Faith Advertising & Crisis Management
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