Cyber Liability Insurance

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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:

  • Use email?
  • 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
  • Computer hacking
  • Employee misuse/mistake
  • Computer/application glitch
  • Vendor negligence
  • 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
  • Credit Monitoring
  • 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

Cherry Bekaert Benefits Consulting, LLC is a Chernoff Diamond Affiliate. Chernoff Diamond & Co., LLC is a Managing Member of Cherry Bekaert Benefits Consulting. Chernoff Diamond & Co., LLC offers Investment Advisory Services through M Holdings Securities, Inc., A Registered Broker/Dealer, Member FINRA/SIPC. Check the background of this Firm and/or investment professional on FINRA's BrokerCheck. Chernoff Diamond & Co., LLC is independently owned and operated. Chernoff Diamond & Co., LLC, is a member of M Financial Group. Please visit mfin.com/DisclosureStatement.htm for further details involving this relationship.

Chernoff Diamond and their registered representatives are currently licensed to sell variable life and annuity products, as well as other securities products, in the states of California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Virginia, Wyoming and Washington DC. Residents of other states should consult with a local registered representative for securities products.

Proper state registration is mandatory prior to conducting business in any state.

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