Cyber Liability insurance is for any company that stores sensitive and/or personal information on computers, laptops and smartphones or even paper files, or makes electronic payments or transfers.
As business owners, protecting our business, as well as those we love, is always of utmost importance.
We live in a world of technology that constantly dazzles, but all that amazement can come with security risks. Doing business “in the cloud” often requires extra protecction!
A standard General Liability or Technology E&O policy typically does not cover Cyber Liability.
Cyber Liabilities can arise from:
- Credit card and Payroll/Employee data
- Financial and Healthcare records
- Electronic transmissions
- Email, website and social networking
Lawsuits can originate from:
- Government Agencies
- Class Action
Here is an example of the alarming costs that a company could face:
At an approximate cost of $200 per record breached (incurred from legal fees, fines and notification expenses), a company’s potential exposure for 500 records breached could easily surpass $100,000.
Data Breach is a growing concern for both idividuals and businesses. The insurance carriers we work with provide the expertise and best possible coverage for this growing risk.
Call us today for a FREE Cyber Liability Insurance quote!