Cyber Liability and Data Breach Insurance. Cyber Liability and Data Breach 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.
Cyber Liability and Data Breach Insurance Can Save Your Business In The Event of A Hack
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 $400.
Cyber Liability and Data Breach Insurance Limits Available:
Limits up to $10,000,000 are available for Data Breach Liability, Security Breach Liability, Defense of Regulatory Proceedings, Payment Card Industry Fines and Penalties
Cyber Liability and Data Breach Insurance are available for the following business classifications
| Advertising firm Condo/Homeowner association* Air/Heat contractor Consultant Ambulance service Architect Artisan contractor Assisted living Auto repair Claims adjuster Bars/ Tavern Beauty/ Barber/ Nail shop Bowling lane Camp Car wash Caterer Cemetery Convenience store Country club Day care center Day spa Drug rehab center | E-commerce employment agency Engineer Entertainment industry* Fitness center Furniture rental Garment maker General contractor Home health aide Home inspector Hotel/Motel Insurance agency Insurance company Janitorial Laboratory (non-medical) Landscaper Laundromat Maintenance Manufacturer (non-information) | Massage Permanent placement Plumber Premium finance company Printer/Publisher Property manager Real estate agency Rental car agency Restaurant Retail store Sales & Distributors Security guard firm Supermarket technology) Telemarketing Transportation & Trucking Travel agency |
* Not eligible for Website liability coverage
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