Cyber Security Insurance
Cyber Security has moved to forefront of businesses' agendas in recent years. Data Breaches and Cyber Attacks have highlighted how critical IT operations and and Business Data are to businesses. In order to financially protect assets, the insurance carriers offer the following coverages:​​
Think small and medium sized businesses are too small to be hacked? Think again.
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50% of SMBs have been breach​ed
​​Privacy Notification &
Crisis Management
Expenses to be paid after a data breach
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Computer Forensics
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Secure Website
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Deriving causes for breach
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Communication to Stakeholders
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Answer customers’ questions about the data breach
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Notify if Customer’s data was exposed
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Monitor Credit of Customers
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Notify Banks & Credit Card companies of customers exposure
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Regulatory Defense & Penalties​
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Costs arising from mandated reporting requirements
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47 of 50 states have individual laws re: Data Breaches
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Legal costs with negotiations with federal and state government
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Fees associated with Federal and State fines
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Fines are excluded by virtually every other type of insurance
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​Information Security & Privacy Liability
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Liability to victims (i.e. clients & vendors) of a Data Breach
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Equivalent to a Commercial General Liability - but for Cyber Liability
Additional types of coverage include:
Cyber Extortion
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​In the event of cyber attacks compromising operations for monies, coverage for​
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Expert Assessment and Securing of System/Website
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Pays Ransom Demand
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Expert Negotiator with Hacker
Data Loss
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Coverage for expenses associated with Data Recovery & Lost Data
Computer Fraud
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​Coverage for theft of monies by stealing credentials of business' clients​
Funds Transferred Fraud
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Coverage for fraudulent transfer of monies from one institution to another
Business Interruption & Extra Expense
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Coverage for
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Lost income due to Business Interruption
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Monies used above normal expenses to get business operational
Note: Standard Property Policies require physical damage - Cyber do not.