Cyber Liability Insurance

As recent news stories confirm, a budding risk has seemingly burst into full bloom: cyber liability and data breaches. In the aftermath of cyber attacks into sophisticated titans such as J.P. Morgan Chase, Home Depot, Target, and Sony and the costly consequences, small- and mid-cap companies in the Greater Miami Area are wondering how do they stand a chance in the event of a breach? The answer is two-fold: an immediate step-up of your cyber risk management program, and cyber liability insurance from iSure Insurance Brokers.

Policy helps pay for damages and other expenses

A cyber liability policy from iSure can help pay for damages related to a breach of your company’s cyber security or your accidental transmission of a computer virus or other malicious code, causing financial losses to another party for which you are found liable. The policy also pays for other expenses that are likely to occur in such an event:

• Damage awards or settlements, including for third-party claims if a data leak results in theft of another party’s intellectual property, identity theft, or harm to their reputation
• Notification and remediation expenses
• Forensic investigation costs
• Legal defense
• Crisis management fees
• Public relations services costs

You may be able to add on a cyber security policy an optional coverage that helps pay for costs should a computer security issue shut down your network,result in loss of business income, or require that you rebuild your software or systems.

This happens only to the big guys, right?

Not so. Even small businesses today are prime targets for cyber hackers, as their less-robust security defenses are often easier to penetrate. Ask yourself:

• Do you use a computer to make transactions, market, or communicate information electronically?
• Do you store your employees’ or others’ personal or proprietary data on a networked computer?

If you answered “yes” to either of these questions, you are a cyber crime target. And keep in mind, sometimes the problem doesn’t originate from the outside – you or your employees could be the culprit if you unwittingly pick up and transmit a nasty virus. What’s more, a general liability policy typically excludes coverage for these risks.

So what’s the best defense?

Consult with iSure’s cyber insurance specialists to learn about best online practices. We can evaluate your setup to determine your exposure level, and offer a risk management program to help block an electronic assault. We’ll also make sure you’re well protected with the appropriate amount of cyber and data breach liability coverage.