As a business owner you most likely have General Liability and Property coverage. Unfortunately, these standard coverages do not protect your business from data breaches or cyber attacks.
At the risk of being redundant; your General Liability policy does not provide Cyber Liability coverage! Any business that has a website, uses email, collects client information (including credit card information, personally identifiable information, or health information) is at risk for having their data stolen, mishandled, or corrupted.
Why does my business need Cyber Liability Insurance?
Cyber Liability insurance, also known as Cyber Insurance or Privacy Insurance, protects your business against losses caused by hackers, data breaches, and data that is misappropriated by an employee or former employee. Some examples of these types of events are:
- Lost or stolen laptop
- Hacker encrypts all information on your network in exchange for a ransom demand
- Employee accidentally sends sensitive client information to the wrong party
- Credit card processing machine is hacked
- HIPAA protected information is stolen from your computer system
- Phishing email used to infiltrate network which exposes your entire network to a hacker
Who needs Cyber Liability Insurance?
Cyber Insurance is not just for large publicly traded companies, or national institutions. Small businesses are hacked and exploited every single day, even though you only hear about the large companies on the news.
If you are a small retailer that collects or uses the credit card information of your customers, or a medical office that maintains patient records, you are exposed to many types of cyber risk.
How do I know if my business is vulnerable?
We work closely with independent experts who can evaluate your network and help identify vulnerabilities. These evaluations will help to determine how susceptible your infrastructure is to attack. Additionally, your processes and procedures around data security, device management and planning in the event of a data breach can be evaluated.
I have an IT company, do I need Cyber Insurance?
Yes! An “on call” IT company does not replace the need for cyber insurance. Even the best IT company cannot prevent all attacks and data breaches. Cyber Insurance works best in conjunction with an active IT firm and closely followed Information Technology protocol.
How do I get Cyber Insurance?
There are Cyber Insurance policies of all sizes, and the Cyber experts at ICG can help you find the plan that is most appropriate for your business. Contact Integrated Coverage Group today.