Cyber Liability Insurance
Tennessee Cyber 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.
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 thatR store corporate data on an off-site basis.
Ransom Ware is another issue that businesses must be aware of. Ransom Ware 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. Ransom Ware Screen . Ransom ware is not covered by most cyber policies. It must be added as an endorsement.
3 Tips to keep your personal and company safe
- Have a backup. You can do this with an online automatic service. I use http://thinkaegis.com
- Have anti-virus on your computer and keep it up to date always. Again, I use http://thinkaegis.com to monitor my 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. I don’t think Explorer has one but call http://thinkaegis.com and they can help you. If you need to know how to put on the AdBlock extension, email or message me and Ill show you how.
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 Target and Anthem 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.
- 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.
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? Click on “Get a Quote,” complete the short form, and one of our awesome team members will contact you within one business day to complete your free, no-obligation quote!