Cyber Liability InsuranceCyber Liability Insurance protects your business from financial losses due to data breaches ( hackers, malware, user error, cyber extortion ) and theft or loss of confidential records.
If you do business online, if you handle customer data, if you handle medical data, if you handle credit cards and orders, if you want to succeed in the digital age — you need Cyber Liability Insurance. Not just in case, but you need it because it is essential to the success of your business. Have you ever lost a USB drive? Have you ever forgot to sign out of your email on a public computer? Have you ever used an easy to guess the password? Cyber threats will only increase as technology advances because cyber criminals have much to gain and you have much to lose.
Industries at high risk
The cost of not being covered is devastating.
The average cost per record from a data breach is $194. If you have 3000 clients, you could be facing up to $500,000 in expenses.
5 Reasons why you’ll love our Cyber Liability program.
1) You are covered from the beginning.
You are covered from the day you began your business rather than the date the policy started. Most breaches are unknown for years before insurance is in place and they are discovered.
2) First Party Expenses are fully covered.
These expenses include notifying customers of the security breach, indemnification costs, reputation damage control, hardware damage, business interruption expenses, fines and penalties, and legal costs.
3) Third Party Damage is fully covered.
Even if your data breach affects your clients or even your client’s customers, all Third Party Damage expenses are covered.
4) There is no encryption exclusion.
Our policies cover a breach even if it occurred on an unencrypted device, which is important because most devices are not unencrypted.
5) Regulatory Fines and Penalties are covered.
Our program covers regulation fines and penalties from the Government, which can total in the millions for businesses with a lot of customer information.