Cyber attacks on businesses are on the rise. In fact, according to Symantec Corporation, cyber attacks were up 42% between 2011 and 2012. You may have heard of the high profile cyber attack on Target Corporation recently but what you may not know is that 31% of such attacks are against companies with less than 250 employees! A 2013 study by Ponemon Institute confirmed that data breach costs U.S. companies an average of $188 per stolen record.
Cyber Security Insurance
Why Your Company Needs
Cyber Security Insurance:
Asset Protection – Security breaches can result in thousands, if not millions of dollars in losses
Federal Laws – may require your business to take specific steps in the event of a security breach
Reputation Protection – Security breaches can also impact loss of reputation
Exposure – The more personal customer data you collect as a business the more your business is at risk
Cyber Security Insurance Can Protect
From Various Costly Threats Including:
Identity Theft: Theft of social security and/or credit card numbers, driver’s license, or financial information
E-Vandalism: Malicious hacker attack leading to theft or damage of confidential information
E-Business Interruption: Loss of income due to e-Business interruption caused by digital attacks
Cyber Extortion: Loss of income due to e-Business interruption caused by digital attacks and/or credit card numbers, driver’s license, or financial information
Lawsuits: Stemming from unauthorized access of personally identifiable information; intellectual property, trademark or copyright infringement; invasion of privacy, libel, slander, defamation, or product disparagement
Cyber security insurance
- Privacy notification expenses covered
- Crisis management and privacy notification expenses covered even if no cyber liability claim is filed
- Coverage of legal counsel and security forensics investigators costs
- Extra expense coverage has no retention and is triggered even if system impairment is potential
Why Choose McLean Insurance
For Your Cyber security Insurance?
Insurance Carriers We Represent
A: We recommend that you take a close look at all your contracts. Generally, you are still legally liable even if you store your data in the cloud.
A: General liability insurance policies normally exclude losses caused due to the Internet so cyber security insurance is still needed. We do recommend that you ensure that your policy includes coverage of mobile phones and laptops.
A: The short answer is Yes! According to a recent study by U.S. Secret Service and Verizon Communications, Inc., over 72% of all data breachers occurred in small and medium sized businesses.
Cyber security insurance not only protects you from liability, and litigation but also offers business interruption coverage, which can be important for small, less diversified businesses.
A: Sure. There are several things that a business can do to lower their premiums. We recommend that you begin by investing in a strong password management strategy.
Businesses should also conduct regular risk assessments to indentify hardware, software and website vulnerabilities.
Secure your mobile devices and networks through use of anti-virus software, virtual private networks and firewalls.
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