It was once believed that only large corporations required Cyber Liability – companies such as Mastercard, Target, big Health Systems. That is proven to be no longer the case. As more documents are stored digitally, personal information such as credit card numbers, social security numbers, or private health information can be stored on your personal devices. Without proper encryption, a business potentially has hundreds points of entry for a hacker to infiltrate your systems.
The cost of a cyber breach can be absolutely crippling to the organization. Hackers could commit wire fraud, they could hold your operating systems ransom, or personal client information could be disseminated and sold in the black market. You may be faced with 1st party type costs to restore your own system to prevent future breaches, and 3rd party costs can amount to hundreds of thousands. There are many types of third party costs. One example would be informing all of your clients of a breach and providing everyone with a credit monitoring service, for an organization with 10,000 records, this could cost be hundreds of thousands. There could be fines and penalties imposed by the government for HIPAA violations as well.
Coverages under these policies could include:
- Network & Information Security Liability
- Cyber Extortion
- Funds Transfer Fraud
- Communications & Media Liability
- Regulatory Defense Expenses
- Security Breach Remediation & Notification Expenses
- Computer Program & Electronic Data Restoration Expenses
- Business Interruption & Expenses
Claim Examples
You are dealing with a vendor you typically wire large sums of money to. Hackers infiltrates your system and they await for certain combination of keywords in your email. When the hacker sees a new email from your vendor with instructions for a new wire transfer, they quickly change and disguise the bank account numbers as one of their own. Without you knowing, you wire $80,000 to the hacker, where the funds can then no longer be retrieved. You then file a claim for a Funds Transfer Fraud.
A hacker drops a USB drive loaded with a virus in front of a large corporate office. When an employee finds a drive in the parking lot, they load that onto their laptop so they can attempt to return it to a fellow employee. Without knowledge the employee loaded in a virus that has caused multiple systems to be inoperable. The company files a Security Breach Remediation claim, where IT forensics experts are called in to attempt to locate the visus and properly restore systems.
Coverage Features
- Coverage limits starting at $100,000 up to $2,000,000
- Affordable quotes
- Broad coverages
- Low deductibles
- And much more!
Our insurance agency serves clients in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, North Carolina and surrounding states. We pride ourselves on understanding your industry and providing simple solutions for your insurance program.
Contact us today and find out how we can help reduce your cost, enhance your coverage, or improve your peace of mind!