CYBER LIABILITY INSURANCE
|The Importance of Cyber Liability
If you asked business owners to name their top three assets, it is very likely that every one of them would mention their data in that top three. From social security numbers to credit card information, all companies hold sensitive data. There are massive consequences if this data is not protected.
What is a cyber risk? A cyber risk is the potential for electronic equipment to fail and for sensitive electronic data to be stolen and/or leaked, resulting in expensive cleanup tactics. Cyber risks come in many forms, often resulting in the liability of your business to take care of such threats.
Reasons Why You Need Cyber Liability Insurance (PDF Files)
5 Reasons.Academic Institutions Need Cyber Liab.pdf
5 Reasons.Healthcare Organizations Need Cyber Liab.pdf
5 Reasons.Religious Institutions Need Cyber Liab.pdf
"Hackers broke into Ohio State University’s servers and stole information about 760,000 people. This information including names, addresses, dates of birth, credit card numbers, and social security numbers. The University suffered over $4M in expenses related to breach notification, investigating consulting, and credit card security. The $4M does not include any regulatory fines, penalties, or legal costs the university may have suffered."
"In February 2015, health insurer Anthem underwent a cyber attack that revealed the personal information of nearly 80 million people. The amount of information stolen, including names, addresses, and Social Security numbers, leaves Anthem’s customers and former customers open to potential identity theft. Current estimates on the breach costs are expected to surpass $100 million."
"Hackers were able to get into St. Ambrose Cathedral’s network and steal $680,000 of funds raised for homeless and abused women. Every day, cyber attackers from places like Eastern Europe, Asia, and Russia work on taking account details to fraudulently transfer money abroad. In this case, the funds and the perpetrators were never found."
Cyber Liability insurance can help limit the financial damages your business experiences after an attack or other damaging cyber events.
or call us at (323) 571-0127 to get your cyber liability application started