As technology becomes more sophisticated and new advances emerge every day, so do the threats facing businesses. A data privacy attack now occurs every 40 seconds in the United States. While retailers, healthcare organizations and financial service providers are common targets, any business that stores personal customer information on a computer network, including Social Security and credit card numbers, is exposed to cyber risks.
Lack of protection against a phishing attack, ransomware or social engineering could put you out of business. Yet, general liability insurance often excludes cyber threats. To protect your organization and employees from these risks, you need a cybersecurity policy.
What Does Cyber Insurance Cover?
Many small and medium-sized businesses that experience a cyberattack do not have proper insurance and suffer significant financial loss from penalties, fines and other related costs. A type of business liability coverage, cyber insurance can help restore employee and customer identities, recover compromised data and repair damaged computers and networks.
A cybersecurity or network protection policy can be tailored to your specific needs. Are you a first-party of third-party company? Cyber liability insurance for first-party organizations is designed to help you respond to data breaches on your own network or systems. A policy from HUB/Ion Insurance covers the following first-party and post-breach expenses:
• Privacy attorney
• IT forensic investigation
• Compliance with state notification laws
• Credit monitoring for breached individuals
• PR firm to manage the crisis
• Regulatory fines
• Class action lawsuits resulting from the breach
A cybersecurity insurance policy from HUB/Ion Insurance also offers:
• Executive Training
• Network Security Liability
• Privacy Liability
• Regulatory Defense and Penalties
• Electronic Media Content Liability
• Network Extortion
• Network Business Interruption
• Breach Event Expenses
• Data Asset Protection
• Breach Response Planning
Third-party cyber liability insurance provides coverage to businesses responsible for protecting their clients from cyberattacks and data breaches. For instance, web hosting companies and information technology (IT) consultants. In the event a hacked client sues, this type of liability insurance will help pay for legal fees and can keep your business afloat.
Online business happens at the speed of light – don’t wait until it’s too late! Speak with a dedicated HUB/Ion Insurance agent to protect your network, computers and sensitive information from potential cyber exposures.CONTACT US TODAY
for a cyber liability insurance quote!