CYBER LIABILITY COVERAGE IS AFFORDABLE, THE THREAT IS REAL.
WHAT IS A PERSONAL GROUP UMBRELLA & WHY DO I NEED IT?
Cyber crime has been steadily growing in recent years with data breaches becoming a regular occurrence and impacting businesses of all sizes and industry types. If you maintain personal information of employees, customers, patients, students, vendors, volunteers or others — whether in the cloud or on a network you are at risk. Here are some basic operational computing tasks that put businesses, schools, hospitals, non-profits and municipalities at risk of a cyber breach:
Rely on networks, computers and electronic data to conduct business?
Browse the internet or have your own website?
Handle valuable or personal information on yours or another’s network?
Participate in e-Commerce or take online orders?
Use your network to control production, manufacturing, inventory or a supply chain?
Interact or collaborate with others (clients, suppliers, partners, or the public) via the internet?
Advertise or promote your business online, or publish digital content?
If you answered yes to any of these questions, you face a potential cyber risk.
EVENTS THAT CAN TRIGGER NEED FOR COVERAGE
Lost/stolen portable computers, media, back-up
Improper disposal of paper records or computer equipment
INFORMATION COMPROMISED BY DATA BREACHES
Credit card information
Personal financial information
Personal health information
Business information of others
Confidential customer data
TYPICAL ALLEGATIONS ARISING FROM BREACHES
Failure to protect customer information/privacy
Failure to notify or timely notification
Cost to cancel or reissue payment cards/open new accounts
Costs of fraudulent purchase
Regulatory Actions – penalties & fines
WHAT THE COVERAGE PROVIDES
Policies can be tailored to include:
Third-party coverage in response to unauthorized access, theft of or destruction of data, denial of service attacks and virus transmission
Theft of personally identifiable non-public information
Liability arising from failure to comply with State breach notice laws
Privacy breach notification costs and credit monitoring services
Defense costs for regulatory proceedings and penalties resulting from privacy incidents when allowable by law
First party coverage including coverage for destruction and loss of data, as well as network business interruption and cyber extortion