Most businesses cannot successfully and aggressively operate in today’s fast moving commerce without putting the business at some Cyber risk making Cyber liability a necessity of insurance programs.   Social media, social networking, blogs, podcasts, Facebook, LinkedIn, Twitter and even your company website have opened up new risks for your business..

How is your Business Exposed?

Human error, rogue employees, malware, hackers, copyright laws, infringement laws, social media sites.

What Puts you At Risk?

  • Employee data (Date of Birth, Social Security Number Driver’s License/State Issued Identification Card Credit Card Information, bank account details)
  • Client data (Patents, Trade secrets, Financial information, Credit Card Information, Bank Account Details, database)
  • Websites (Displaying, transmitting, or disseminating content; and linking, framing, or advertising another’s business opens you to some of the same liability exposures of a publisher. If your website further allows for the sale of products or services, your exposure increases with the acceptance of client or consumer financial account information)
  • Networks (Most businesses are dependent on networked computers which can hold: financial data ,customer and employee information ,trade secrets ,databases, proprietary software)
  • Email (The use of email can result in transmission of malware and viruses, theft of personal data, invasion of privacy, slander, libel, misuse of linking and framing, and copyright and trademark infringement)
  • Blogs ( Blog site owners are subject to liability for postings that are slanderous, false, misleading, or that constitute an infringement of trademark and copyright laws.
  • portable devices ( Phones, tablets, laptops, and flash drives can easily be lost or stolen, allowing access to email, databases, documents, and other files containing sensitive data.)

Cyber policies have evolved and premiums have become more affordable.   When considering purchasing Cyber insurance, one must consider the cost of not purchasing.  Cyber insurance can extend coverage for:

  • Computer forensic services to determine how the breach occurred and what information may have been compromised
  • System and data recovery
  • Notification Costs
  • Legal expenses
  • Ransom and Extortion Expense
  • Business interruption
  • Defense costs
  • Civil awards and settlements
  • Consultative services – including assistance with breach notifications, credit monitoring, etc.

Are you aware of the legal requirements you would be imposed with at the time of a breach?   Do you have a written policy in place on how to respond to a breach? Would you be able to respond immediately to meet legal timeframes and reduce the reputational and financial impact?  Do you have the personnel and capital to handle all this in the absence of an insurance policy?

We specialize in helping businesses with their insurance protection, including their Cyber & Data Security Liability risk. Contact us to review your cyber risk to determine the appropriate policy for your risk.