Cyber Liability Insurance
Have you ever checked your actual level of Cyber Risk?
Do you need help putting together a Cyber Security Program?
Have you ever had a Cyber Risk Assessment?
What is Cyber Liability Insurance?
Cyber Liability Insurance is designed to cover a business’ liability for a data breach in which the customers’ personal information, such as Social Security or credit card numbers, are exposed or stolen by a hacker or other criminal who has gained access to a businesses electronic network. The policies cover a variety of expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.
People often ask us the question, “Do I need Cyber Liability Insurance?” and we have another article answering that question specifically if you click here.
Cyber Liability Insurance is NOT Errors and Omissions Insurance
Cyber Insurance is often confused with technology errors and omissions (tech E&O) insurance. In contrast to Cyber Liability Insurance, tech E&O coverage is intended to protect providers of technology products and services, such as computer software and hardware manufacturers, website designers, and firms that store corporate data on an off-site basis.
Ransomware
Ransomware is another issue that businesses must be aware of. This is when someone holds your data ransom until you pay them. Then they give you the code to get your data back once you pay them. Click this link to see what may come up on your computer screen if you are a victim of a ransom ware attack. Ransomware Screen . Cyber Extortion as Ransom ware is often called, is not covered by most cyber policies basic form. It must be added as an endorsement.
Artificial Intelligence
The rise of Artificial Intelligence
or AI is also raising eyebrows when it comes to Cyber Security Risk and Cyber Liability. For more information on that topic, you can click here to access that blog.
Complete this form and we will send you the following:
As an added bonus, we will also send you with no obligation:
3. Our Cyber Risk Assessment of your company- by giving us just your domain name, we will run multiple different scans including a dark web check, and reach out with your customized report.
Have you ever checked your actual level of Cyber Risk?
Most companies have never reviewed their level of Cyber Liability to determine the appropriate level of Cyber Liability Insurance. Some industries like contractors have a relatively low level of cyber risk, especially if they are not taking credit cards and debit cards. Other industries like medical providers, payroll processors, employment agencies, mortgage lenders, and banks obviously have a much higher risk due to the information they store.
Real Estate Agents have a very unique Cyber Risk and we work with many Real Estate Brokerages across the country helping them to understand how to reduce their Cyber Liability Exposure and Cyber Insurance Premiums.
Do you need help creating a Cyber Security Program at your organization?
Most small companies don’t have the time or the resources to be able to put together a proper cyber security program to reduce their cyber liability exposure. Cyber liability insurance companies look at the cyber security programs that businesses have in place and give better cyber liability insurance rates to
companies that have Cyber Security Programs than they give to firms that do not have strong cybersecurity programs in place. At Veritas Risk Management and Insurance Services, we have the ability to come alongside you and help you create a cyber security program that fits your company’s needs.
Some of the items that need to be addressed in your cyber security program and your employment handbook are:
- Backup Strategy
- Encryption
- Multi-Factor Authentication or 2fa
- Phishing Email Testing
Have you ever had a Cyber Risk Assessment?
A good cyber risk assessment can help your IT professional help you lower your cyber liability insurance rates and it will be able to spot the areas that are vulnerable. It can also help your IT Firm prioritize the items that expose the most frequent risk to your type of organization and the highest severity of risk.
5 Tips to keep your personal information and company data safe
- Have a backup. You can do this with an online automatic service. Companies like Aegis IT Solutions can help you with this.
- Have anti-virus on your computer and keep it up to date always. Again, we use Aegis IT to monitor our computers.
- Use an AdBlock on your web browser (these are free) and can be used with Chrome or Firefox. They block any ads from popping up while you are browsing. If you need to know how to install the AdBlock extension, email us and we would be happy to help you out.
- Enforce Strong Passwords- Make sure you require your team to change passwords every quarter and that all passwords require a lower case letter, and upper case letter, a number and a symbol.
- Require Two Factor Authentication where possible- This is where you either have an app on your phone or a key chain that constantly changes a pass code to enter after you have entered your password. This could also be a text or email code as well.
Erie Insurance reported that fifty-five percent of small businesses responding to a survey have sustained a data breach. And, you know that even large corporations such as T-Mobile and American Airlines and Southwest Airlines have been impacted by cyber theft. That’s troublesome since business owners may be legally required to take action if their Customers’ nonpublic, personal information is exposed.
Let the experts at Veritas Risk Management help you determine what cyber liability coverage you need.
- Coverages can include: Expenses to notify affected individuals of the breach and legal and forensic costs to determine the extent of the breach and how best to respond.
- Services to impacted individuals such as credit monitoring, a help line and identity restoration case management.
- Access to data security resources for your business.
- Crisis resolution for your business.
Get a Quote Today
Call us today, (423) 292-4142 to make sure you have the coverage you and your business deserve. Don’t have time to pick up the phone? Fill out an anonymous quote application, and either purchase a policy immediately or reach out to our office for more!
Helpful Links
- List of Cyber Attacks World Wide – https://www.hackmageddon.com/
- 2020 Year End Cyber Attack List – https://www.hackmageddon.com/
2021/01/13/2020-cyber-attacks- statistics/ - Chubb Insurance gives great insight on Cyber Risk gained their over 50,000 cyber clients – https://chubbcyberindex.com/
- Data Breach Notification Laws for each US state as well as laws in the EU – https://www.itgovernanceusa.
com/data-breach-notification- laws - This is a quick and simple calculator that will give you your estimated cost of a data breach at your organization. – https://evolvemga.com/
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