Service Areas
Cyber Liability
A Cyber Liability policy can guard your business from exposure to data breaches and hacking.
While technology is playing a bigger part of our lives and businesses, the unfortunate threat of cyber crimes is surging as well. Data breaches are perceived as one of the leading risks to businesses as, among other factors, they can have a huge influence on the company earnings. In the United States, the average cost of cyber crime amounted to $21.22M in 2017.
You will be hacked, it is not a matter of if, but when. Data breaches occur every day. While hacking incidents are the most recognizable and expensive because of data loss, they are not the most common. It’s a startling fact – simple human error accounts for three out of four incidents.
Cyber insurance generally covers your business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records. And first party expenses arising from a breach of private/confidential information.
The Federal Trade Commission estimates that the average time spent resolving a single identity theft is 400 hours. A business owner or partner or board member cannot properly manage their business while resolving an identity theft.
What's Included?
The types of damages that a cyber liability insurance policy include coverage for:
- Third party liability for financial loss, mental anguish, mental distress and any breach related claims
- First party coverage for breach related expenses
- Full limit coverage for notification, credit monitoring and computer forensic expense
- Coverage for breach costs available outside of the policy limit
- Coverage available for business interruption, lost income and restoration of data post breach
- Breach of contract coverage
- PCI fines, penalties and remediation expenses
- Regulatory coverage for all state, federal, foreign, and privacy related regulations (PCI, HIPAA, EU, etc.)
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