Cyber Liability
Your Business at Risk
Does your business keep confidential information about your clients and employees? You are responsible for safeguarding that information. Many businesses have a third party monitoring their systems and security, but they are not responsible for protecting the data collected. Privacy laws in each state make the business owner who collected the personal information liable for a breach of the data.
Even if you have controls in place, you are still at risk. Large companies with sophisticated security systems are attacked. Small businesses get viruses from social media interaction. An employee can lose a mobile device with passwords, emails and contact information.
$ 150 Per Record*
Average Cyber Security Breach Costs in 2021
Most Companies Cannot Absorb These Costs.
The Financial Risk Can Be Managed with a Cyber Liability Insurance Policy.
* 2021 Ponemon Institute Study
Cyber Liability Insurance Coverage
Electronic Media Liability
Media insurance is used to protect a variety of businesses including film and program producers, publishers, authors, journalists, broadcasters, and others when sued for defamation or invasion of privacy. Anyone who deals with collecting and publishing information should purchase this insurance.
Network Security Liability
Computer and information security liability covers damages or claims caused by unauthorized access to your software programs, computer hard drive, or network hardware devices.
Privacy Liability
Privacy Liability Insurance pays for damages and claims expenses that your company may be obligated to pay if a privacy breach occurs. Personally identifiable information for clients and employees must be protected under state privacy laws.
Cyber Extortion
Cyber extortion claims occur after your website, e-mail server, or computer system has been subjected to repeated attacks or theft of data by malicious hackers, who then demand money to stop the attacks or to return your data. Cyber insurance can help with data recovery and payments.
First Party Data Protection
This type of insurance covers loss of your digital assets from a breach of your system, equipment damaged by an attack and loss of business income. Your business needs First Party Liability insurance to help recover your data quickly.
Loss of Business Use
Reimbursement for loss of income due to a system failure or service interruption can help your business recover from a partial or total system failure. Many businesses rely on their networks to conduct business and to connect with clients.
Crisis Response Expenses
After a breach, it is very important to notify the insurance carrier as soon as possible. An attorney specializing in Cyber Liability can manage notification of those individuals affected by the breach, and assist with legal matters. A forensics team will work quickly to determine the cause of the breach and help with a plan against future attacks.
Coverage Designed for You
Policy limits and deductible can be structured to address the individual privacy concerns of your business. If one exposure is of greater importance, a higher limit can be written. Cyber coverage requires certain security controls be in place and monitored.
Application Overview
The application is a detailed look at the company policies and procedures to protect their privacy. These are some topics the insurance companies are reviewing.
General Company Information
GROSS REVENUES
NUMBER OF RECORDS
TYPE OF PII OR PIHI
NUMBER OF EMPLOYEES
Privacy Management
PRIVACY POLICIES
PRIVACY CERTIFICATIONS
EMPLOYEE TRAINING
THIRD PARTY CONTRACTUAL OBLIGATIONS
System Controls
EMPLOYEE RESTRICTIONS TO DATA
RECOVER PLANS, POLICIES AND PROCEDURES
FIREWALLS, NETWORK SECURITY, ENCRYPTION
BACK-UP FILES
Prior Claims
PRIOR CYBER INSURANCE COVERAGE
PAST CLAIMS FOR PRIVACY, IDENTITY THEFT, BREACH
PAST EXTORTION
PAST LEGAL INVESTIGATION
How we’ve helped businesses like yours with their environmental insurance needs
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Joan Smith
Title
Company Name
Let's Save You Time
Hillcrest agents streamline the paperwork, provide fast turnaround for service requests and coordinate claims so our clients can spend time growing their business.
Phone: 860-339-5534
Fax: 860-339-5659
service@hillcrestagency.com
Hillcrest Agency
28 Main Street
Essex, CT 06426
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