CYBER LIABILITY INSURANCE
THE IMPORTANCE OF CYBER INSURANCE
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.
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CLAIMS EXAMPLES
"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 2012, Utah Department of Health confirmed that a server containing personal health information (PHI) of some 780,000 patients had been actively hacked into starting in March. Officials reported that thieves had begun removing information from the server. Addresses,
dates of birth, Social Security numbers, diagnoses codes, national provider identification numbers, billing codes and taxpayer identification numbers were all included on the server. The Utah breach stands as the 9th largest data breach ever reported to the HHS."
"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 all around the world work on taking account details to fraudulently transfer money abroad. In this case, the funds and the perpetrators were never found."
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WHY RELIGIOUS INSTITUTIONS NEED CYBER INSURANCE
Criminals make attempts to steal money from religious institutions through unauthorized electronic fund transfers, phishing, cyber extortion, and identity theft. It is usually as simple as accidental human error of the financially responsible individual at your religious institution.
Click here to read more about why your religious institution needs Cyber Insurance.
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CYBER RISK PORTAL
As a part of your policy, you will have full access to Evolve Cyber Risk Management Portal. The portal contains a collection of tools, tips, latest news to keep you up-to-date on all the latest cyber developments, and details on who you should call in the event of a claim.
By purchasing a cyber policy, your premium dollars are attributed directly towards discounted access to some of the top data security providers in the country!
Click here to read about Risk Management Perks
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