Twenty-two percent (22%) of small businesses have experienced the loss or theft of customer or employee information, according to our recent SME study conducted by the Ponemon Institute.
Data risks are too vast to ignore. To best address data risk exposures, our bottom line message is "Do Your Best and Insure the Rest".
Does your small business collect, use and/or disclose personal information? Do you operate a web site? Do you use computers that can fall prey to ransomware? If so, it is entirely appropriate to have insurance to defend and cover the specialty privacy and cyber related liability exposures that exist.
The first data theft, or ‘hacker’ or ‘cyber’ liability policies were created in the mid-1990's and continue to evolve to principally cover operational, privacy, and cyber liability risks. Today, the risks and exposures to paper and/or electronic records loss are significant and potentially catastrophic. However, there are equally serious risks arising from ransomware attacks that lock down your operations, cause business interruption as well as exfiltrate your sensitive data.
Having dedicated, stand-alone, specialized coverage has never been more important. The volume of attacks, ransomware, errors / accidents, compliance and notification requirements helps make cyber risks a top concern of business owners and executives. In fact, in select industries and states, cyber liability insurance is mandated and becoming a cornerstone of best practices.
When it comes to cyber risks, our primary message is "Do your best, and insure the rest". We understand that protecting information and computer networks against loss is difficult. Because cyber risks will always remain, no matter how diligent your defenses, insurance presents an important vehicle to help 'save the day' when an incident occurs. We believe that cyber liability insurance is a fundamental need of every business in today's risk environment. However, be mindful that your organizational cyber defense and hygiene needs to be up to date and diligent. Many insurers are also suffering signficant paid losses and claims. As a result, they are increasing their underwriting scrutiny and being more selective on who they insure.
Our programs that include Cyber or Security and Privacy Liability Insurance, are summarized here:
*Please Note: The above information provides summary details only. Certain terms, limitations and exclusions apply. Coverage may not be available in all states. Upon your purchase, please read your policy carefully. If you have questions, please contact your insurance agent or broker, or contact us at BIZLock Insurance Services.
