Cyber Liability Insurance
Data Breach Insurance

Liability Insurance

Cyber Liability Insurance

Available in all 50 states!

Today, cyber liability insurance is considered a foundational coverage – every business has exposure.  As an independent insurance agency, we represent many insurance companies, will shop your insurance with them, and present you with the best quotes. Ask us for a risk analysis so you understand your data breach exposures, whether they be paper or electronic.

Questions about data breach insurance?  Call us at (877) 606-1375 today!

We Offer

  • “A” rated insurance companies that specialize in cyber liability insurance
  • Data breach insurance packages programmed for your specific business
    • Computer forensic costs
    • Notification costs
    • Credit or identity protection costs
    • Crisis management and public relations costs
    • Proof of remediation costs
  • Competitive pricing
  • Expertise with prompt, courteous service
  • Monoline cyber liability insurance policies, or entire commercial insurance packages.

We can insure

  • The smallest companies up to the largest firms
  • All industries
  • The toughest classes, including
    • Financial institutions
    • Technology companies
    • Publicly traded companies

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At Bankers Insurance, the client is always in control.

Cyber Liability Insurance Program

We want to help you protect what you’ve worked so hard to build. Today, cyber liability insurance is a concern for every business. Long gone are the days when only banks and accountants need worry about it. Now, we all store sensitive information, either on paper or digitally. This information can pertain to employees, clients, suppliers, or vendors. And the threats are more than mere hackers. Common thieves that steal laptops and desktops are a menace. And what about mobile phones? Do you check business email on yours? If so, chances are sensitive client information is residing in your inbox.

But the most successful cyber threats lately are social engineering scams, even working against large businesses with sophisticated protections. Recently over an 18-month period, the FBI saw a 1,300 percent increase in business losses, with victims in all 50 states and 100 countries. In the United States alone, the total dollar loss was more than $93 million.  For detailed insight into the current-day cyber threat, visit the FBI’s Cyber Crime page or review the Cyber Claims Trends and Insights by NAS Insurance.

Cyber Liability Insurance is available and affordable.  However, it is only one facet of a cyber risk management program.  Every business should establish a program that addresses prevention, disclosure, crisis management, and data breach insurance coverage.

Cyber Liability Insurance Quick-Quote

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Cyber Liability Insurance Coverage

cyber liability insurance data breach

The Risk

The scene in this photo is common, a businessman with laptop and mobile phone at a coffee shop. Suppose he stands to grab a refill and returns to discover his phone is gone. Or worse, the laptop. Did he lock everything before he got up? What about that spreadsheet that Accounting emailed, sitting in his inbox with personally identifiable information on his client’s accounts? Could a hacker use his computer to access the company network or other resources?

Hundreds of similar scenarios are possible. Computers (not just laptops) and phones are stolen or lost all the time. Data breach insurance covers these risks. And data doesn’t need to be electronic to be at risk. Paper can be just as accessible. When analyzing your risks, consider the following:

  • Stored information on employees, clients, vendors, and suppliers, electronic or paper
  • How data is collected and where it resides every step of the process. Internet sales, cloud storage, and onsite storage all need to be considered. Don’t forget about backups – their location can increase liability also.

Reference our Cyber Risk Insurance Scorecard, an interactive MS Excel spreadsheet to help gauge your cyber risk, or contact your agent for a thorough review.

The Breach

Coverage for data breach insurance can include:

  • Unauthorized acquisition or access to sensitive information.
  • Unauthorized use or disclosure of sensitive information.
  • Legal Violation:  Of privacy law or consumer data protection law.
  • Negligence:  Breach of common law.
  • Breach of Contract:  Unintentional breach of a written contract or public facing privacy policy or confidential corporate information.  This can include an unintentional breach of a written contract with a merchant bank or payment processor to comply with a PCI Standard due to failure to maintain confidentiality of payment card information.
  • Regulatory Action:  Any civil action brought by a regulator in connection with the above.
  • Deceptive Trade Practices:  But only when based on the same allegations as a claim covered by the above.
  • Negligent Network Security:  Negligence by you or others on your behalf (subcontractors, outsourcers or independent contractors) in securing your computer system resulting in:
    1. transmission of malicious software (computer virus, worm, Trojan horse, etc),
    2. denial of service,
    3. unauthorized disclosure of Personally Identifiable Information or confidential corporate information held in any form,
    4. prevention of authorized electronic access to any computer system, Personally
      Identifiable Information, or confidential corporate information, or
    5. damage to any third party digital asset.
  • Emotional Distress:  Unintentional infliction of emotional distress in connection with a covered claim.

Costs Covered

  • Computer Forensic Costs:  For computer forensic analysis to confirm a breach and identify what/who was affected.  Includes associated attorney fees.
  • Notification Costs:  To satisfy notification obligations.
    1. Legal Notification Costs:  Legal expenses, expenses for breach response call centers, notification expenses for breach victims, plus regulatory notification expenses or others as required; and
    2. Voluntary Notification Costs:  Expenses to voluntarily notify breach victims.  Restrictions apply.
  • Credit or Identity Protection Costs:  Expenses to provide each breach victim with credit monitoring services.
  • Crisis Management and Public Relations Costs:  Public relations consultant and crisis management expenses to reduce claim costs and assist in business reputation repair.
  • PCI Proof of Remediation Costs:  A security consultant to prove you have the ability to prevent a similar breach situation.

Further Resources

Bankers Insurance is here to help your business succeed. Ask us for a complete risk assessment, so you know where your exposures exist.  Reference all the tools and resources available to our clients upon request.

Industry Resources

Data Breach Strategies

As previously stated, cyber liability insurance is only one facet of a cyber risk management program.  Below are some tips on how to get started on yours.

Develop Strategies to Prevent a Data Breach

Your data breach prevention strategies may include encrypting all devices used by your employees, such as laptops, tablets and smartphones. Encrypting will prevent unauthorized access if lost or stolen. Unencrypted devices often are not covered by a cyber liability policy, so make sure you know whether you need to encrypt. Your strategies may also include educating employees about phishing and pharming scams. Remind them not to click on anything that looks suspicious or seems too good to be true.

Analyze your cyber risks from three different perspectives: technology, people, and processes. This risk assessment will give you a clear picture of potential holes in your security. Revisit and revise your plan regularly as new risks arise often.

Know Your Disclosure Responsibilities

In the event of a data breach, you may be legally required to notify certain people. The National Conference of State Legislatures has published a list of security breach notification laws for each state. If your company is publicly traded, the Securities and Exchange Commission (SEC) requires you to report cyber security incidents to stockholders. Reference their cybersecurity guidelines.

Crisis Management and Response Plan

Preparedness is key when developing your cyber risk management program. When you experience a data breach, you need to be prepared to respond quickly and appropriately. Determine when and how the breach occurred, what information was obtained, and how many individuals were affected. Then assess the risks because of the data breach and how you will mitigate those risks.

While managing a crisis, let your clients know what actions you are taking, but be sure you’re not disclosing too much information. It’s a delicate balance. Focus on improving future actions—this will restore trust in your stakeholders and clients.

Your in-house lawyers, risk managers, and IT department should work together to create and refine your plan. Everyone should know their responsibilities when a breach happens.

Protect Your Data—and Your Business

Your cyber risk management program should include cyber liability insurance coverage that fits the needs of your business. Data breach insurance is designed to address the risks that other types of business liability coverage simply will not cover. It can be tailored to fit your unique situation and include the costs of disclosure after a data breach.

Why Bankers Insurance?

Anyone can be an order-taker.  Bankers Insurance is different.

We offer choices and expertise.  We don’t expect clients to be cyber liability insurance experts.  Take advantage of our experience.  We can explain your options and help you determine the right coverages.

As your insurance agent, we strive to know you.   Only then can suggest the coverage that suits your specific business.  We look for coverage gaps to help ensure complete protection.  With us, you get the benefit of: