Written By: Melanie Nocera
Did you know that your General Liability Insurance may not provide the coverage you need associated with Cyber Security. At an average cost of $200 per lost record, and all other associated costs, this could disrupt your business operations. Are you covered? After years of building your business, do you want to put that at risk of Cyber Security? Here are just a few examples of these breaches can occur and cost you:
An employee, whom has access to client records containing personal information such as social security numbers, account numbers, names, addresses, telephone and sensitive medical information fails to properly dispose.
A Programmable code that has the capability of causing damage to computer. These codes may not be controlled by antivirus software alone.
Cyber Extortion Threat
Hacker demands payment from your company to prevent attacks on your company’s website or computer systems.
HR Department mistakenly distributes email to the office staff containing medical information and or privacy information of each employee.
Hackers gaining access to your account system causing fraudulent purchases around the world.
Examples of Coverages- (partial list)
-Damage resulting from alleged HIPAA violations
-Expenses resulting from breach of FCRA, CCCRAA and EU Data Protection Act
-Reimbursement for notification and credit monitoring costs
-Interruption expenses resulting from loss of Digital Assets
-Infringement of domain name, copyright, trade name and slogan
-Cyber extortion reimbursement costs
-Loss resulting from administrative or operational mistakes
-Public Relations expenses due to tarnished reputation resulting from date breach
Who Should Have Cyber Security Liability Insurance?
Anyone with a computer!