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On October 3, 2012 one of the nation's largest insurance and financial services companies was hacked!  The data breach, compromised names, dates of birth, social security, and drivers license numbers.  If you don't think Cyber Liability is a real exposure for you and your business, think again.  It can happen to anyone!
Before we dive into the real world of a data breach on your business, it is important to understand what data breach is,  how a data breach can occur, and who needs Cyber Liability coverage.  A data breach is the loss, theft, or accidental publication of personally identifiable information including social security numbers, bank account numbers, drivers license numbers and patient history/ medical information.  This can occur through unauthorized system access, stolen or lost documents, stolen or lost lap top or computer disk, stolen credit card information, employee oversight, and much more...  After reviewing how an attack may occur, it is clear that any business that handles or stores any business, customer, patient, or employee data is at risk.  
So what's next for the victims of a data breach?  Business owners who experience a cyber attach will be responsible to notify all those affected by the breach as well as follow several steps required by law to ensure third party recovery.  That means most businesses will incur expenses relating to legal and forensic services, crisis management / public relations, good faith advertising, third party credit monitoring, help/support lines, and more.  
Almost every business out there has a real Cyber Liability exposure and needs some coverage to protect their business.  By beefing up our security measures we can limit that exposure, but no one, not even the nation's largest insurance companies, can totally eliminate this growing target for criminals.  A Cyber Liability policy can range in price from $50 to $5,000 or more, depending on limits, coverage and deductibles chosen.  If you'd like more information or would like to pursue a quote, contact us today!

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