What is Cyber Liability Insurance, and who needs it?
Unfortunately, data breaches and other cyber crimes are becoming way too common, and it's not just large organizations that are susceptible to being hacked or getting a virus. Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?
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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. The policies cover a variety of expenses associated with data breaches, including:
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notification costs
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credit monitoring
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costs to defend claims by state regulators
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fines and penalties
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loss resulting from identity theft.
In addition, the policies cover liability arising from website media content, as well as property exposures from: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.
No matter the size of your company, you face the same actions against you for any of the above.
Whats Covered?
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Legal fees and expenses
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Notifying customers about a data breach
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Restoring personal identities of affected customers
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Recovering compromised data
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Cyber extorsion
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Business interruption costs
Whats Not Covered?
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Malpractice (Professional Liability)
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Employment practices (sold as separate policy)
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Fraud Intentional Injury
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Technology errors and omissions coverage
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Employee Injuries (covered by Workers' Compensation)
We’re here to help you find and purchase the best Cyber Liability insurance policy for your business!
Need more information, no problem, just give us a call (949) 359-1380 - (713) 392-6682, a licensed professional will be more than happy to answer all your questions.
Paul Byrne
Dawn Lanclos
Have a dedicated Peloton Insurance Broker review your current plan and work with you to devise the right coverage to meet your growing needs and mitigate risks to your business.
Just give us a call (949) 359-1380, a licensed professional will be more than happy to answer all your questions.