Our Cyber Liability Advantage program is designed for businesses located in the Lehigh Valley and surrounding areas.
About the program.
You will be hacked, it is not a matter of if, but when. Data breaches occur every day. While hacking incidents are the most recognizable and expensive cause of data loss, they are not the most common. It’s a startling fact—simple human error accounts for three out of four incidents. This special suite of products and services protects your business against the expenses associated with a data breach. No matter the sophistication of the security system, there is little that can be done to eliminate the risk of human error. A common, accidental breach is a real business risk worth considering today.
What is cyber liability insurance?
There are all kinds of terms to describe the same exposure including cyber liability, privacy liability, security, privacy liability, data breach, network security, and cyber security insurance to name a few. All of these names focus on your exposure to a data breach. A data breach can occur when personally identifiable information is compromised by hackers, a faulty transaction, malfunctioning technology, simple human error, and even lost or improperly disposed of data. The effect of a data breach on your small business could be devastating. You will have to pay to notify the affected individuals as well as the potential expenses arising from credit monitoring, identity theft resolution, analysis into how the data breach occurred, and any steps needed to avoid another occurrence. These costs can be heavy and time-consuming to identify. Security and privacy liability insurance, also known as cyber liability protects businesses in the event of a costly data breach.
What are the costs associated with data breach exposure?
Claims for failure to protect the information, the expense of legally required notifications and credit monitoring to those whose information is exposed, the forensic expense to find out and resolve what happened, public relations expense to maintain business reputation, regulatory and payment card industry fines, and hacker extortion demands. Small business owners have gone out of business due to identity thieves impersonating their business and personal names leading to loan defaults, inability to access credit, and loss of business reputation.
Why you need cyber liability coverage.
Federal government regulations such as HIPAA, HITECH, and Gramm-Leach as well as forty-seven individual states have all created legislation protecting the personal information of individuals. These laws outline a business’ responsibilities after a breach, regulatory requirements not to mention the possibility of lawsuits. The average cost per record to a business from a data breach is $194.
Businesses that accept credit cards or debit cards may be subject to fines and penalties for violations of the Payment Card Industries Data Security Standards (PCI DSS).
Additional reasons to consider this program.
Claims arising from activity on your website are likely not covered under your general liability if it concerns intellectual property or activity in a chat room or bulletin board, including social media. The Federal Trade Commission estimates that the average time spent resolving a single identity theft is 400 hours. A business owner partner or board member cannot properly manage their business while resolving identity theft. If the personal credit of a business owner is ruined from identity theft, that owner may lose the ability to access loans essential to the operation of that business.
Here are some of the benefits that the Cyber Liability Advance program has to offer:
Need cyber liability coverage for your business? Consider our Cyber Liability Advance program. Contact us to go over your business needs and coverage options.