Cyber Liability and Data Breach Insurance
One of your clients calls you to say that his credit card was used for several unauthorized purchases right after he used it to pay you. You assure him that his personal information is completely safe with you. Later that day another client calls to give you a new credit card number for her monthly payments because she had to cancel the card on file after someone used it for a buying spree in the last 48 hours. Coincidence? Your company is too small to be a target, right? No—you’ve been hacked.
Data breaches are occurring more often in small and medium businesses. If you collect credit card numbers, bank account information, social security numbers, residence addresses, or any other personal information, you are a potential victim of a thief with an internet connection and the right set of tools and skills to access your files.
A cyber liability policy provides coverage for your costs in responding to a cyber attack, such as notification costs of communicating the data breach to your clients and offering credit monitoring services to affected customers. It offers coverage for legal defense and settlements and judgements from demands and lawsuits that may result from the data breach.
It may actually be easier to recover from a fire or a burglary than from a cyber attack. Give us a call or fill out our simple quote request form. We will be happy to discuss your situation with you.