Insurance for

Cyber Liability

Similar to business insurance, cybersecurity insurance is intended to mollify business losses after a cybersecurity event has occurred and includes the following:

  • Data Breach
  • Server Damage
  • Business Interruption
  • Lost Data Restoration
  • Cost of Legal Defense
  • Cost of Forensic Investigation(s)
  • Customer Notification
  • Credit Monitoring

If a cybercriminal is able to successfully hack into your server, it could be weeks or longer before you discover the breach. According to CNBC, in 93 percent of stolen data cases, it took cybercriminals mere minutes to hack into a company’s seemingly secure server. In over 80 percent of those cases, the affected businesses didn’t learn about the breach until weeks later. In this amount of time, hackers can encrypt, steal and sell highly sensitive data on the dark web. This puts not only the confidentiality of your clientele in danger but your business operations and the organization itself, too.

Here’s something else to consider: Can you afford not to get a data breach insurance plan?

Bad thing that happened: 2,000 client credit card records were exposed

Using the previous studies, this will cost:

  • Investigative costs: $30,600
  • Managing the crisis and reaching out to your customers and the public: $23,850
  • Payment Card Industry-Data Security Standard (PCI-DSS): $29,000
  • State and federal authorities: $2,660

Total cost: $194,390 | Total cost per record: $97

  •  Let’s add in the inevitable, “the attorneys are coming with a class action lawsuit”

Lawsuit cost: $582,160  |  Total cost: $784,950  |  Total cost per record now: $392 

Guess what that equals? CLOSED DOORS

Cyber Liability Insurance Coverages

Fills the gaps between state- and federal-specific definitions after a data breach

Legal defense expenses, fines and penalties assessed by federal, state, and local authorities

IT forensics, customer notifications, PR, and credit monitoring services

Addresses the human element and allegations of a “Security Wrongful Act”

Defamation, libel, slander, copyright, and more

Expenses and payments (within limits) to a harmful third party to avert potential damage

Compliance assessments and expenses involving cardholder information

Extensions respond to an intentional or misleading material facts contained or conveyed within an electronic or telephonic communication(s) that are believed to be genuine

Provides for lost business and earnings, expenses, and digital-asset restoration costs

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- Cyber Liability Insurance -

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