A privacy breach can include the loss, theft, or unauthorized access to or use of personal customer or employee information. With our cyber insurance coverage, we help you get back to business in the event you are targeted, with coverage for remediation expenses, business interruption loss and certain legal expenses.
Talk to a broker about the options available to help you protect your business
What Are Your Cyber Liability Risks?
If your computer systems are hacked or customer, employee or partner data is otherwise lost, stolen, or compromised, the costs of response and remediation can be significant. Your business may be exposed to the following costs:
- Liability—You may be liable for costs incurred by customers and other third parties because of a cyber attack or other IT-related incident.
- System recovery—Repairing or replacing computer systems or lost data can result in significant costs. In addition, your company may not be able to remain operational while your system is down, resulting in further losses.
- Notification expenses—In several states, if your business stores customer data, you’re required to notify customers if a data breach has occurred or is even just suspected. This can be quite costly, especially if you have a large number of customers.
- Regulatory fines—Several federal and state regulations require businesses and organizations to protect consumer data. If a data breach results from your business’s failure to meet compliance requirements, you may incur substantial fines.
- Class action lawsuits—Large-scale data breaches have led to class action lawsuits filed on behalf of customers whose data and privacy were compromised.
What Does Cyber Liability Insurance Cover?
Some standard business insurance policies may provide coverage for certain types of cyber incidents. For instance, if you lose electronic data because of a computer virus or hardware failure, your insurance may pay recovery or replacement costs. To extend coverage for a fuller range of cyber liability risks, you will need to purchase a stand-alone cyber insurance liability policy, customized for your business. This type of policy can cover several types of risk, including:
- Loss or corruption of data.
- Business interruption.
- Multiple types of liability.
- Identity theft.
- Cyber extortion.
- Reputation recovery.
How To Reduce Cyber Insurance Liability Risks
Because computing technology changes rapidly, there is no sure-fire way to protect digital data and computer systems. In addition, technologies deemed to be highly secure can later develop vulnerabilities or be found to be vulnerable all along. For instance, websites worldwide used an encryption technology called OpenSSL for many years before the technology was discovered to be vulnerable to cyber attack. You may be able to limit your cyber liability risk by:
- Installing, maintaining, and updating security software and hardware.
- Contracting with an IT security services vendor.
- Using cloud computing services.
- Regularly backing up data at a secure offsite location.
Use Our Resources to Get a Custom Insurance Package
As commercial Hamilton insurance brokers, we have access to a variety of different insurance plans. When you work with one of our brokers, you can choose from all these plans and customize your business’ coverage. With Acumen, you’ll get no more or less than the coverage you need.
If you need more business insurance in Hamilton, we can help you find a plan that meets your company’s needs. Call (905) 574-7000 and get the insurance you need today.
Certain conditions, limitations and exclusions apply. The information that appears on this website is provided to you for information purposes only. Your insurance contract prevails at all times. Please consult it for a complete description of coverage and exclusions.
Non-insurance services are provided by IDT911, Inc., an independent third party. These services provided do not constitute legal advice. If you require legal advice, please consult a lawyer. Acumen Insurance assume no responsibility for making the services available to you or for your use of the services.