Commercial Insurance
Cyber Liability Protection
Protect Your Business From Cyberattacks and Data Breaches With Cyber Liability Coverage
Malicious cyberattacks and data breaches aren’t just a nuisance anymore – they can put you out of business! But we’re here to help.
One of the newest types of coverage to hit the insurance industry is Cyber Liability and not a moment too soon. From hackers, foreign and domestic, scammers and thieves, it’s hard to not think twice about opening an email attachment. Add to that the increased risk from employees working at home, it’s a real threat that deserves to be part of your risk management program.
Cyber Insurance coverage may include:
Restoration of digital assets including sensitive client information.
Cost to replace computer systems and other technology damaged in a cyber attack.
Cost to replace computer systems and other technology damaged in a cyber attack.
Funds transfer fraud losses arising from a security failure or social engineering.
Fraudulent charges when a criminal actor exploits a cloud or telephony provider.
An Example Of A Cyber Liability Claim:
A company with 40 employees including 25 home based, was hacked by criminals. The criminals demanded a huge sum of money to release the company computers and promised to release sensitive data if they did not receive their ransom. The company filed a claim and in very short order, the insurance company assigned the claim to an adjuster that was considered a cyber liability specialist.
The adjuster quickly hired an IT expert, a legal team and a negotiator. In less than a day, our client went from being alone, to having a highly qualified team by their side with the cost covered by the insurance policy.
A short time later, the insurance team negotiated with and paid a small sum of money to the criminals and our client went back to their normal day to day operations with their reputation and technology fully restored.