Cyber Liability Insurance
Protection against expenses that arise once a data breach has occurred.
A Cyber Liability policy helps keep your business operating by providing the coverage needed against the expenses incurred when a data breach has happened. The policy covers you for:
- Privacy Crisis Management/ Breach Event Expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines.
- Media Liability related to third-party damages which can include specific defacement of website and intellectual property rights infringement.
- Network Extortion for losses due to a threat of extortion, professional fees related to dealing with the extortion.
- Network Security Liability for third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems.
- Data Asset Protection expenses for the costs associated with recovery, restoration, recreation, or recollection of your data and other intangible assets.
- And much more
You may think some of the elements of a cyber liability policy maybe overlapped with your other existing policies, however even if this overlap does exist, a decent cyber liability policy will ensure cyber risks are fully catered for. Allow us to review your policy coverage regardless of who you are currently insured with and we can provide our best risk management recommendations to you. This review will offer protection and peace of mind.
Data, one of your most important assets, is not covered by standard property insurance policies?
Most businesses would agree that data or information is one of their most important assets. It is almost certainly worth many times more than the physical equipment that it is stored upon. Yet most business owners do not realise that a standard property policy would not respond in the event that this data is damaged or destroyed. A cyber policy can provide comprehensive cover for data restoration and rectification in the event of a loss no matter how it was caused and up to the full policy limits.
Systems are critical to operating your day to day business but their downtime is not covered by standard business interruption insurance
All businesses rely on systems to conduct their core business, from electronic point of sales software to hotel room reservation systems. In the event that a hack attack, computer virus or malicious employee brings down these systems, a traditional business interruption policy would not respond. Cyber insurance can provide cover for loss of profits associated with a systems outage that is caused by a non physical peril like a computer virus or denial of service attack.
Cyber crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies
New crimes are emerging every day. The internet means that your business is now exposed to the world's criminals and is vulnerable to attack at any time of the day or night. Phishing scams, identitytheft, and telephone hacking are all crimes that traditional insurance policies do not address. Cyber insurance can provide comprehensive crime cover for a wide range of electronic perils that are increasingly threatening the financial resources of today's businesses.
Third party data is valuable and you can be held liable if you lose it
We all hold more data than ever before and often this data belongs to our customers and suppliers.Non-disclosure agreements and commercial contracts often contain warranties and indemnities in relation to the security of this data that can trigger expensive damages claims in the event that you experience a breach. Increasingly, consumers are also seeking legal redress in the event that a business loses their data. This risk is further heightened in the event that you hold any data on US consumers.
Retailers face severe penalties if they lose credit card data
Breach notification laws are slowly being introduced across many different countries. These generally require businesses that lose sensitive personal data to provide written notification to those individuals that were potentially affected. Even though a legal obligation to notify only currently exists in some countries, this is changing and there is a growing trend towards voluntary notification in order to protect your brand and reputation. Customers who have had their data compromised expect openness and transparency from the businesses they entrusted it with. Cyber policies can provide cover for the costs associated with providing a breach notice even if it is not legally required.
Complying with breach notification laws costs time and money
New crimes are emerging every day. The internet means that your business is now exposed to the world's criminals and is vulnerable to attack at any time of the day or night. Phishing scams, identitytheft, and telephone hacking are all crimes that traditional insurance policies do not address. Cyber insurance can provide comprehensive crime cover for a wide range of electronic perils that are increasingly threatening the financial resources of today's businesses.
Your reputation is your number one asset, so why not insure it?
Any business lives and dies by its reputation. Although there are certain reputational risks that can't be insured, you can insure your reputation in the event of a security breach. When your systems have been compromised, you run a risk of losing the trust of your loyal customers which can harm your business far more than the immediate financial loss. Cyber insurance can not only help pay for the costs of engaging a PR firm to help restore this, but also for the loss of future sales that arise as a direct result of customers switching to your competitors.
Social media usage is at an all-time high and claims are on the rise
Social media is the fastest growing entertainment channel in the world. Information is exchanged at lightning speed and exposed to the world. But often there is little control exercised over what is said and how it is presented and this can give rise to liability for businesses that are responsible for the actions of their employees on sites such as LinkedIn, Twitter and Facebook. Cyber insurance can help provide cover for claims arising from leaked information, defamatory statements or copyright infringement.
Portable devices increases the risk of a loss or theft
The advent of portable devices and the ability to work away from the office has made life a lot easier for many of us. However, this new style of working also means that important and confidential data can be stolen or lost much more easily. A laptop left on a train, an iPad stolen in a restaurant, or a USB stick going missing are all good examples. In addition, the devices themselves are being targeted with a growing number of viruses being built just for them. Cyber insurance can help cover the costs associated with a data breach should a portable device be lost, stolen or fall victim to a virus.
It's not just big businesses being targeted by hackers, but lots of small ones too
Whilst the large-scale hack attacks on the news often involve big companies, small companies are also at risk and often don't have the financial resources to get back on track after a hacking attack or other kind of data loss. In fact, over a third of global targeted attacks were aimed at businesses with less than 250 employees. Cyber attacks are quickly becoming one of the greatest risks faced by smaller companies, making cyber liability insurance a must. It can help protect smaller companies against the potentially crippling financial effects of a privacy breach or data loss.
Source: Abex Insurance Company
Hubbard Insurance Group can offer a comprehensive services-based solution to data breaches. We know that when an organisation suffers a data breach, its first concern is to handle the breach in a way that maintains customer confidence. We work with underwriters such as Beazley Insurance, who have pioneered the concept of data breach insurance that focuses first and foremost on response. They are the first insurer with a dedicated in-house business unit that focuses exclusively on helping clients manage data breaches successfully.
The team focuses on the coordination of the expert forensic, legal, notification and credit monitoring services that our clients need to satisfy all legal requirements and maintain customer confidence. It also indemnifies your losses from lawsuits or regulatory actions, the risk of which may be reduced by a well-coordinated breach response but can never be eliminated. In addition to coordinating data breach response, the Service Team is responsible for maintaining and constantly developing a suite of risk management services, designed to minimize the risk of a data breach occurring in this ever-changing space.
Hubbard Insurance takes a comprehensive approach. No insurance company can guarantee your cyber security: no one can. But we can put you in control of your response.
Call us to discuss your business and we can determine the best risk management package for you. We will get you the protection you need at a competitive rate. To learn more or get a free quote contact us 905-696-9090 or Toll Free 1-800-900-2009 or better@hubbardinsurance.com
Other Insurance Coverages to Consider
COMMERCIAL PROPERTY INSURANCE
Protect your physical assets such as your building, stock, and equipment against loss.
INFORMATION TECHNOLOGY INSURANCE
Coverage for special risks and strict regulations - disclaimers, copyrights, confidentiality, e-commerce financial exposures. We have the safeguard you need.
GROUP BENEFITS & LIFE INSURANCE
Coverage for health care, dental care, short term or long term disability, life insurance for any size businesses operation.
Call Toll Free 1-800-900-2009