Cyber Security Liability & Data Breach Insurance
Cyber liability insurance covers damages and costs related to data breaches, multimedia liability, extortion, and network security, among other cyber risks. These damages and costs can be high and can significantly inhibit a business or destroy a business altogether. For this reason and others, it is important for businesses of all sizes to have strong cyber security liability policies.
There are more than five hundred data breaches each year and the number of annual breaches is increasing. These breaches are often referred to as ‘targeted attacks’ and are significant financial burdens to companies that suffer them. In fact, costs of each breach far outweigh costs of original records in breached data.
At CBIZ-Sattler Insurance Agency, we understand the risks that businesses face. Our specialists have extensive knowledge of specific industries and experience managing breach incidents. We are dedicated to your individual policies and can help you manage your risk over time.
Our approach is consultative so we work with you directly. We are available to you when you need us, whether it’s online, over the phone, or in person. If you’re securing coverage for a particular business model, industry, businesses size, or exposure, we’ll help you understand your needs and match these needs with the right policies.
Simple human error causes 3 out of 4 data breaches
A data breach is the unintentional release of sensitive information into an unsecure environment, or the intentional theft of that information by an unauthorized individual. Data breaches may involve financial information such as credit card or financial account details, personal health information (PHI), personally identifiable information (PII), trade secrets or intellectual property. The trustee of this privileged information may be subject to criminal and/or civil penalties for failure to protect the data.
If you have already experienced a breach of your personal information, find tips here:
What does Cyber Liability Insurance Cover?
Cyber liability refers to risks related to the use of computers, Internet, computer networks, and electronic information databases. ‘Cyber liability insurance’ provides protection for these risks and coverage for the damages and costs that result from risks if and when they become realities.
Cyber liability insurance protects against damages and costs related to:
- Human error
- Privacy breaches
- Theft of digital assets
- Unauthorized access
- Malicious code
There are two types of cyber liability insurance –first-party and third-party. First-party coverage offers financial compensation for cyber crimes and often involves reimbursements for business interruption, costs of notifying customers of breaches, and public relations costs. Third-party coverage offers financial compensation for general losses including direct losses, legal liabilities, and consequential losses.
If you are seeking or have questions related to data breach coverage, request a quote below to contact one of our friendly and knowledgeable professionals today. We look forward to hearing from you!