Cyber Liability & Data Breach
Restore stolen employee identities, recover compromised customer data and repair damaged computers and networks. Whether a data breach, ransomware attack, or phishing attack, a staggering number of small and medium-sized businesses get attacked each year. If your systems or data become compromised, it can put your business at risk of a significant financial loss.
What Does It Cover?
Personal Identifiable/Health Information (PII/PHI) - Coverage can help pay to notify affected customers, patients or employees, hire a public relations firm, & offer credit monitoring services to data breach victims
Legal Services & Lawsuits - Cover legal services needed to meet state & federal regulations as well as any legal fees associated with lawsuits from the breach of employee or customer privacy & security
Extortion & Lost Income - Paid to recover locked files from a ransomware attack or recoup lost income from a network outage.
Coverage Facts
85% Of Data Breach Claims Come From Small To Mid-Sized Businesses - More than 60% of those businesses never recover from a data breach.
Any Data That Can Be Monetized Is An Attractive Target - Credit card numbers, health records and contact information including email addresses can be used to target customers and employees to gain access to other sensitive PII/PHI
Data Breaches Are Not Covered By Your General Liability Policy - Carriers are informing consumers know by stating explicitly in the policy that losses due to cyber breaches are not covered.
Coverage Is Not That Expensive - A policy can cost as little as $1,000 a year. Whereas, costs following a data breach can easily reach six-figure amounts, including legal costs and settlements.
Related Products
Business Owners Policy
Errors & Omissions
Commercial General Liability