Cyber Insurance
In today’s business environment, companies rely heavily on computer technology and the internet to operate and transact business with their customers, clients, vendors, suppliers and web site visitors. Traditional insurance policies provide limited cyber coverage at best, creating a need for a variety of cyber insurance policies including:
- Privacy breach liability
- Notification costs
- Regulatory actions
- PCI compliance breaches
- Crisis management/public relations expense
- Forensic expenses
- Data restoration
- Malicious code/virus intrusion liability
- Denial of service attacks liability
- Cyber-extortion/cyber terrorism expense coverage
Cyber Liability is an exposure shared by virtually all types of businesses. Some industries such as financial and medical have an even greater risk due to the large amounts of personal data and enforcement of various privacy and HIPAA laws and regulations. In the event your computer system is breached by a hacker, you could be responsible for privacy notice expenses such as credit watch, costing you hundreds of thousands or greater. 