Cyber Liability Insurance with Data Breach Insurance Protection and Privacy Liability Insurance
A recent study by a major credit card company found that 85% of all data breaches occur at the small business level.
~ Organized crime considers small businesses to be low risk, high reward targets.
~ Small business owners are popular targets of identity thieves because they have larger lines of credit, higher volume of transactions and valuable computer networks.
~ Common reasons personal information is breached include criminal hacking, lost or stolen laptops, computers, or paper reports and negligent or malicious employee activity.
It is illegal for business owners to not report and not send notification to those whose legally protected personal information is breached.
WHAT ARE THE COSTS OF A DATA BREACH?
~ Claims for failure to protect information, expense of legally required notifications and credit monitoring to those whose information is exposed, forensic expense to find out and resolve what happened, public relations expense to maintain business reputation, regulatory and payment card industry fines and hacker extortion demands.
~ In 2011, the average cost to business owners per record compromised was $194, almost $200 per record. At that rate a lost laptop, cyber liability attack, rogue employee hack or data breach to a company storing 5,000 records could mean up to $1,000,000 in legal, reporting & remediation expenses, or more.
~ Small business owners have gone out of business due to identity thieves impersonating their business and personal name leading to loan defaults, inability to access credit and loss of business reputation.
People often ask, “”What is the average cost of cyber liability insurance & Data Breach Insurance?”” The truth is that with wide variations in operations, the cost can vary. A policy for a medium size company can start as low as $700.
Available Cyber Liability & Data Security Insurance Limits Available:
$1,000,000 for Coverage Part A, Data Breach Liability,Security Breach Liability, Defense of Regulatory Proceedings, Payment Card Industry Fines and Penalties
$1,000,000 for Coverage Part C, Website Liability
Cyber Liability Insurance & Data Security Insurance are available for the following business classifications
|Advertising firm Condo/Homeowner association*
Air/Heat contractor Consultant
Auto repair Claims adjuster
Beauty/ Barber/ Nail shop
Day care center
Drug rehab center
Home health aide
Premium finance company
Real estate agency
Rental car agency
Sales & Distributors
Security guard firm
Transportation & Trucking
* Not eligible for Website liability coverage
Click Here for a free quote on Cyber Liability & Data Breach Breach Insurance.