CYBER LIABILITY

Protecting Your Business and Life from Hacking

Over the past decade there has been a staggering increase in the number of small-to-mid-sized organizations who have suffered cyber-attacks—and many who find themselves trying to manage the chaos without the support of cyber insurance coverage. It’s no surprise, if your confidential data or your overall systems are compromised, it can devastate your success. Not only would you suffer a significant financial loss, but there would also be a severe hit to your company’s reputation.

Cyber insurance covers the first party and post-breach costs associated with the liability of a cyber breach. This includes business losses, a forensic investigation, regulatory fines, ransom payments, and notification of individuals whose social security numbers, credit card numbers and health records may have been compromised. Cyber insurance will help restore employee and customer identities, recover compromised data and repair damaged computers and networks, whether your business is the victim of a data breach, password attack, ransomware or phishing attack.

What types of companies need cyber insurance?

Every business that stores data on a network is at risk for a cyber-attack. If you don’t have cyber insurance, think carefully about what could be at risk, since we know data privacy attacks now happen about every 40 seconds in the US. Without cyber insurance, you could be on the hook for state and federal fines and penalties, a forensic investigation, breach notification costs and even a class action or third-party lawsuit down the road—expenses that will come directly off your balance sheet.

Cyber insurance covers the following first party and post-breach expenses:

• Privacy attorney
• IT forensic investigation
• Compliance with state notification laws
• Credit monitoring for breached individuals
• Public Relations firm to manage the crisis
• Regulatory fines
• Class action lawsuits resulting from the breach
• Loss of company funds, due to social engineering

There is no industry-standard when it comes to cyber insurance, so having an experienced insurance broker is critical to being certain your company is adequately insured. Our knowledgeable team at IQ Risk Insurance Services has many years of protecting our clients from the devastation that can result from cyber attacks.