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Cyber Security Insurance

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.

Why Your Company Needs
Cyber Security Insurance:

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Asset Protection – Security breaches can result in thousands, if not millions of dollars in losses

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Federal Laws – may require your business to take specific steps in the event of a security breach

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Reputation Protection – Security breaches can also impact loss of reputation

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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
highlights include:

  • 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?

Our Customers Love Us

JTC has partnered with McLean insurance for over 15 years! Their customer service is unparalleled and they are always willing to answer questions, even doing so in layman’s terms so non-insurance people can understand. Their agents create personal relationships to truly understand the innerworkings of the business and truly provide... Show All

JTC has partnered with McLean insurance for over 15 years! Their customer service is unparalleled and they are always willing to answer questions, even doing so in layman’s terms so non-insurance people can understand. Their agents create personal relationships to truly understand the innerworkings of the business and truly provide the best advice possible. There are often many changes in the insurance world and JTC feels comfortable trusting McLean Insurance to have our best interest at the forefront of their recommendations. With companies now having so much more reliance on their technology and the greater use of the Internet, cyber security insurance is more important than it ever has been. Additionally, understanding cyber security policies extremely difficult, though imperative, when making a decision for your business to have the proper protection. McLean Insurance ensures the proper coverage is in place at affordable rates.

John Jewell
President

Great Job - Doug and his team at McLean have done a great job supporting our full range of insurance needs as our company has transitioned from start-up to established growth company. We can always count on Doug to help us match our special circumstances to the best and most... Show All

Great Job - Doug and his team at McLean have done a great job supporting our full range of insurance needs as our company has transitioned from start-up to established growth company. We can always count on Doug to help us match our special circumstances to the best and most affordable insurance products.

Daniel N.
Dec 18, 2014

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Insurance Carriers We Represent

FAQ

Q: Do we still need cyber security insurance even if we don’t host the data ourselves?

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.

Q: Why do I need cyber liability insurance when I already have a general liability policy?

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.

Q: Do I really need cyber security insurance as a small business owner?

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.

Q: Do you have suggestions on how we can keep our premiums low?

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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