Cyber Liability Insurance

Cyber risk is a modern day exposure no business can escape. Even the most traditional agribusiness or retail operation has business records on a computer – and that computer is plugged into the internet.

Where is the threat?  Most people think of cyber attacks as large, random and nameless. But, hackers usually gain access through phishing emails to employees. Other times, it could be intentional rom a disgruntled employee or accidental from a supplier’s computer system.

The federal government, and nearly every state, has laws protecting personal information. A business experiencing a data breach will face not only the fear of financial information, client data, and competitive know-how being in the hands of someone with criminal intent, but they could also face regulatory action, lawsuits and other compliance-related expenses.

What Cyber Liability Insurance Helps Cover:

  • Data & Security Breach Liability Coverage that covers defense of regulatory proceedings, fines, penalties, software forensics, customer notifications and credit monitoring.*
  • Website & Social Media Liability Coverage for claims of libel, slander, privacy and intellectual property violations.*
  • Identity Theft Coverage for business owners, partners and board members.
  • Business Interruption Coverage for loss of profits or extra expenses due to unauthorized access or malicious code.*
  • 3rd Party Privacy Breach Management. Clients call these IT experts during and after an attack to help stop the loss, determine the damage and rebuild.*
  • Restoration Coverage for the cost of restoring data lost due to a breach.*

*Cited from the Beazley Group report 6/8/2020