All companies must consider the risk of not actively protecting themselves from cyber threats.
If your company is connected to the internet, it is not a matter of if your company will have a cyber event, it is a matter of when.
What Does Cyber Insurance Cover?
Cyber insurance covers your first and third-party risks. "First-party risks" refers to the policyholder's losses and "third-party risks" refers to the costs and losses associated with any litigious claims veiled upon you by your customers or other third parties.
- Network Security, Data Security, Media Content and Privacy Liability - Coverage for third party claims arising from a breach in network or data security or Denial of Service Attack or transmission of malware to third-party systems, and publication of content that results in defamation, invasion of privacy or infringement of intellectual property rights, and from failure to properly handle, manage, store or protect personally identifiable information or confidential information.
- Regulatory, HIPAA, and PCI Defense, Fines and Penalties - Coverage for third-party claims made by governmental entities, including state, local, federal or foreign, alleging a violation of a privacy law resulting from a failure to protect confidential information or breach of contract claims made by a party to a Merchant Service Agreement/Credit Card Processing Agreement for failure to protect confidential information in accordance with payment card security standards.
- Data Breach Response - Coverage for expenses the insured incurs to hire a 3rd party incident response, public relations, and legal experts, and customer notification and credit monitoring costs in connection with the cybersecurity incident or a data breach.
- Business and System Failure Interruption - Coverage for loss of profits and extra expense due to disruption in business operations resulting directly from unauthorized access or use of a computer system, transmission of malicious code or virus, or a Denial of Service Attack or unplanned or unexpected outage.
- Reputation Income Loss - Coverage for loss of profits due to adverse publicity regarding failure to protect confidential information.
- Cyber Crime, Social Engineering, and Ransomware Extortion - Coverage for extortion incident or loss of funds transferred as a direct result of fraudulent instruction, fraudulent input, deletion or change of data in a computer system by an unauthorized third party.
Contact Dean, Heckle & Hill today for more information on cyber liability coverage.
(Article Courtesy: Cyberdot)