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. Our program will protect your business against privacy breach, whether the leaked information be electronic or on paper. We are contracted with leading data breach insurance companies and know the strengths of each. We will shop your coverage and present the best options. We can even provide a thorough risk analysis so you understand your exposures.

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

Cyber Liability Insurance Program

For clarity, we use the terms cyber liability insurance and data breach insurance  synonymously.

We Offer

  • “A” rated insurance companies that specialize in cyber liability insurance
  • 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
  • Industry-leading pricing
  • Expertise with prompt, courteous service
  • Monoline 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

Newsletter Signup

We never share your information.  Unsubscribe any time.
At Bankers Insurance, the client is always in control.

Protect Your Business from the Escalating Cyber Threat

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:

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

The simplest Cyber Liability Insurance quote form ever!

Your information is secure.  We only use it to obtain quotes and never share.
*  Asterisk indicates a required field.

Quote, Cyber Liability
Address
City
State/Province
Zip/Postal
In which industry is your business? What does your business do or produce?
Estimate
First
Last

Protections

Sending

Cyber Liability Insurance Coverage


The Risk

Cyber liability insurance data breach. Man in coffee shop with laptop and phone.

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 Data Breach

Data breach insurance. A penetrated security lock with a hole on computer circuit board background.

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.
  • 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.
  • 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.
  • Media Liability: Personal injury, advertising injury or intellectual property infringement on  your website, social media sites, or electronic communications.
  • Deceptive Trade Practices:  But only when based on the same allegations as a claim covered by the above.
  • Emotional Distress:  Unintentional infliction of emotional distress in connection with a covered claim.

Costs Covered

Cyber liability insurance costs covered. Conceptual illustration with computer display of fingerprints and warning notice.

Your cyber liability insurance policy should include the most common protections.

  • Defense Costs, Settlements, and Fines
  • 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.
  • Data Restoration and Business Interruption: Costs to restore your data that is damaged by hackers or virus. Your extra expense to continue operating during a system interruption. Lost income during a system interruption. Lost income due to reputational damage.
  • Cyber Extortion: Costs to investigate a threat by a 3rd party to access your computer systems or reveal / steal confidential data. Ransom demands to prevent access to your computer systems or confidential data.
  • Cyber Crime / Theft of Money: Funds transfer fraud. Theft from your bank accounts. Social engineering fraud (aka email piracy, phishing scams, fraudulent impersonation), whereby you are tricked into transferring funds to an imposter.
  • Rogue Employees: Dishonest acts of employees who steal confidential data or initiate hacking / virus attacks.
  • PCI (Payment Card Industry) Fines & Penalties: Fines/penalties assessed by card companies due to non-compliance with Payment Card Industry Data Security Standards (PCI DSS).
  • 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

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: