❓Is Your Client Data Protected? Queue Jaws theme music.🐬 There's danger lurking. Category: Cyber Security, Insurance
Now more than ever it's critical to protect your data due to scams, phishing attacks, and, hacks.
An insurance policy is a financial remedy when things go wrong. This means having a legal defense when someone claims you're at fault.
Cybersecurity insurance can get complicated. There are different considerations when considering how to protect your business against a breach.
Cybersecurity can be either first-party or third-party coverage.
The most common first-party cybersecurity coverage is known as data breach insurance.
Cyber liability coverage can protect your business if a third party sues you for damages as a result of an incident.
What does first-party coverage protect?*
✅ Cost(s) to investigate the incident
✅ Cost(s) to notify clients of the breach
✅ Cost(s) to assist clients after a breach including anti-fraud services (credit monitoring)
✅ Cost(s) to restore compromised data
✅ Cost(s) of business downtime
✅ Risk assessment of future incidents
✅ Ransomware-attack payments
What does cyber liability coverage pay for?*
✅ Legal fees necessary
✅ Settlements and court judgments
✅ Regulatory fines for non-compliance
🎯 Goal: Review what could happen if you had a breach. Can you cover the expenses?
Breaching a client's data and confidentiality is costly and so is having your own information hacked.
Depending on your type of business, a cyber security policy can simply be added to a Business Owner's Policy (BOP).
It can get more complicated than that. It all depends on the type of business.
🚧 Actionable item: Review options for encrypted emails. This is a good safety net. It's like having a railing around your deck so no one falls.
Schedule a meeting with your insurance Broker/Agent to see what options are available.
💥 Here's a general article that identifies types of businesses that should be considered and why. https://www.nerdwallet.com/article/small-business/cybersecurity-insurance
*Linda Rey is a licensed insurance professional in the State of Connecticut only. Review the aforementioned with your licensed professional.
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