Newman Crane & Associates Insurance Cyber Liability Coverage When Data Lands in the Wrong Hands
Recent data indicates that small businesses are increasingly the target of cyber criminals. In 2014, 60% of cyber attacks were at small to mid-size firms. This is particularly relevant, as many business owners believe that only large corporations are vulnerable to data breaches and network security attacks. Indeed, they may make headline news, but the bottom line is that any business with confidential and valuable customer and employee data is at risk. Moreover, because small and mid-size businesses have limited security budgets, they are rife for exploitation by ever-more sophisticated hackers.
The answer: Robust Cyber Liability insurance. Our professionals at Newman Crane & Associates will meet with you and review your specific exposures to potential data compromises. For example, a retail store with credit card transactions has different exposures than a commercial rental property owner with on-line information on their tenants. Once we review your risks, we will provide you with a proposal for a Cyber insurance policy that best fits your risk profile.
What Does Cyber Insurance Include?
Cyber Liability insurance can be designed to provide coverage for:
- A forensic audit to pinpoint the source of breach
- Notification costs
- Credit monitoring
- Costs to defend claims by state regulators
- Fines and penalties
- Losses by third parties resulting from the breach
Additionally, policies can be designed to cover liability arising from website media content, as well as exposures from business interruption, data loss/destruction, computer fraud, funds transfer loss, and cyber extortion.
It’s important that measures are put into place to help stem the risk of a breach, which includes making employees aware of exposures, such as malware, phishing and other social engineering fraud tactics that can result in stolen data. We can assist you in implementing strong practices throughout your organization.