Cyber Liability Insurance
Online criminals from outside the country had encrypted the company’s files, demanding a hefty ransom to unlock the data. The company was losing thousands in missed orders by the day.
Worse yet, this cyber attack wasn’t Rokenbok’s first: earlier that year the company had been hit with a denial of service attack, shutting down their website.
“I sweated that one,” said CEO, Paul Eichen, in an interview with the New York Times. “Customers’ first impressions are critical.”
It took four days to reconstruct the data and the hackers were never caught.
Cyber liability is a question of “WHEN” not “IF”
Data drives the organizations of today’s world. Business of all sizes have had a cyber attack or data breach, with the average cost to rectify rising to$6.5 million per occurrence.
One stolen laptop, one careless employee, a virus or even paper records that fall into the wrong hands, can create a financial and reputational consequence affecting your business for years to come.
What does Cyber Liability cover?
With a comprehensive cyber liability policy, you can feel confident you’re covered in case of data breaches and related issues, including:
- Data compromise protection to cover employee and customer information if your data should ever be hacked, stolen (physical and electronic), corrupted, or subject to procedural errors or internal fraud
- Legal cost protection incurred by legal reviews
- Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
- Personal services for any persons affected, which may include help line services, credit monitoring and case managers for identifying theft victims.
- Public relations costs paid for firms to review and respond to the potential impact of the data compromise
- Costs of legal defense in an event that the company is sued due to the breach
Identity recovery protection to identity fraud victims and restore their credit history and records. This includes owners, employees and family members.
We can help protect your business against damage to electronic data, virus or malware attack, liability to third parties, and also help recover the cost of:
- Restoring and recreating data to your system
- Restoring systems to pre-attack levels
- Lost business and unforeseen expenses
- Public relations services, to communicate with outside parties concerning a computer attack and your public response
Who is cyber liability insurance for?
Cyber liability coverage is available for any business, small and large, nonprofit organizations, and retailers. You may be able to save cost by bundling coverage with another policy to create a comprehensive suite of business liability coverages.
We can help you assess the risks to your business, and get you the protection you need in today’s data reliant world.
Why We’re Different
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for…
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Contact us and let the professionals at our company help you forge the strongest shield possible to help you protect the things you are working hard to build.
The graphic below is interactive.
Explore and learn more about some unique risks as well as the related insurance solutions
Cyber Liability Coverage
Possible Liability: When stored financial and personal identifiable information that may be stolen or mishandled by your company. Some companies may also be required, by law, to inform and compensate clients for any data breach that causes financial loss.
Solution: Policies can now protect your company from unauthorized access to software or data in your network. It also protects you from malicious acts or negligence whether intentional or otherwise.
Possible Liability: Ransom demands made by hackers to avoid further damage to the business.
Solution: May have a sub-limit and deductible. The insurer may have a set of conditions that need to be met. Check with your agent to make sure if this is possibly part of the policy or may be added.
Possible Liability: Expenses for crisis management, digital forensic analysis, repair and restoration of the company’s computer system, loss of income, and hiring a firm to handle the entire data breach or cyber-attack incident.
Solution: Protection from financial losses and have available funding until operations can be resumed as normal.
Possible Liability: Threat from lawsuits in case of any data breach caused by negligence or mishandling of information by your business.
Solution: Protection in the event of a lawsuit from a data breach where your business would be responsible for paying legal fees, court judgments, settlements, or any other expenses related to legal proceedings.
Business Interruption and Income
Possible Liability: When a business is compromised by an email virus or a hacker rendering your company’s operations to halt and unable to generate revenue.
Solution: Coverage for any business interruption due to a cyber attack under your commercial property insurance policy can be made. Another policy coverage is for the lost revenue due to being unoperational.
Possible Liability: Fines incurred when your company is in violation of state or federal privacy laws when a data breach or cyber attack happens during regular business hours
Solution: This coverage varies and may be restricted by state law, so it is best to check with your agent for options.
DISCLAIMER: Consult actual policy for exact terms and conditions or talk to your insurance agent for clarifications.
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