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Cyber Liability Insurance for Your Business

Every day brings news of another data breach. Equifax. Anthem. Yahoo. Target. Sony. All high-profile organizations that underscore the vulnerability and risks that businesses face today when it comes to cyber security. Yet these risks aren’t unique to large corporations – small to midsize businesses of all types, from private companies to non-profits in all industry sectors, are targets of cyber attacks. What was once considered an emerging risk now tops the list of exposures all businesses should be managing.

 

ISU-The Olson Duncan Agency will help you manage your cyber risk with a strategy that includes robust Cyber Liability insurance.

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Inside A Cyber Policy

The loss from a cyber event can be far-reaching – from the first-party expenses you will face after a data breach to potential third-party costs resulting from lawsuits filed by clients, vendors and others. Cyber insurance can be tailored to provide you with several different coverage features, depending on your industry and individual business exposures. Some of these coverages include:

  • Legal and forensic services to assess whether and how a breach occurred and to assist with regulatory compliance.
  • Notification of affected customers, patients (depending on industry), and employees.
  • Customer credit and fraud monitoring services.
  • Crisis management and public relations to advise customers about the breach and mitigate damage to the company’s reputation.
  • Business interruption expenses as result of the breach, such as costs for additional staff, rented or leased equipment, or use of third-party services.
  • Cyber extortion reimbursement for credible threats to introduce malicious code, to phish customer systems, or to corrupt the computer system.
  • Judgments, civil awards, or settlements you’re legally obligated to pay after a data breach.
  • Electronic media liability, including infringement of copyright, domain name, trade name, service mark, or slogan on an intranet or Internet site.

Potential coverage for employee privacy liability as well as network security and privacy liability.

Why Purchase a Cyber Policy?

52% of incidents involve a malicious or criminal attack
24% of incidents are caused by negligent employees
24% of incidents are caused by system glitches including IT & Business process failures

Cyber threats affect all different sizes of businesses and as hackers become more sophisticated the risk of having a breach or other type of cyber loss for your company becomes even greater. It’s estimated that the average cost for each lost or stolen record containing sensitive and confidential information is $225, according to the Ponemon Institute. If your business handles and stores customer payments; credit or bank account information; medical information; Social Security or drivers’ license numbers; and/or customer names, email addresses, phone numbers and addresses, a Cyber policy should be an integral component of your insurance program.

Our Value

At Olson Duncan Insurance, we look to provide clients with a total solution, not simply a quote or an insurance contract. Our goal is to provide real value and build a long-term relationship based on trust. This is underscored by the fact that we provide our applied behavioral analysis clients with industry-specific insurance and risk management services, including BCBA liability insurance, workers’ compensation, group health benefits, and anything necessary to protect your valuable work. We would love to get to know you and answer any questions. To find out more about how we can help you, or if you would like a quote, please call our team at (310) 373-6441.