Cyber Liability Insurance
Cyber Liability Insurance Information
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CYBER LIABILITY COVERAGE , DATA BREACH, & TECHNOLOGY E & O
Within both the smallest business and the largest corporation, secure data is critical to the company’s stability. Still, because no business is immune to data loss, all businesses need to be ready to react in the face of any challenge. Including cyber liability insurance as part your insurance portfolio will keep your operation secure in the face of problems involving your data and network security.
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Why do you need BIZLock Cybercrime Protection & Insurance
Real Claim Examples
- Malicious hacking of a system shutting down computer systems for an extended period of time resulting in loss of income and extra expenses
- A disgruntled employee spreads a virus into a computer system destroying data (and backup sources) resulting in expenses to investigate and recreate data
- Teenage hacker sabotages data network with Crypto-Locker type malware, and demands an extortion fee of $50,000 to unlock your own data
- Extortion demands of $25,000 to prevent your sensitive customer data from being released on the internet, to identity thieves and the general public
- Lost laptop containing sensitive personal information of customers results in a data breach requiring investigation, notification and credit monitoring expenses
- Customer data is breached, class action lawsuit filed. Duty to defend policy responds
BIZLock cybercrime protection delivers three essential components that help you prevent, protect and respond to cyber incidents. Resources and insurance is provided for the following:
- HR, Information Security and Information Technology Modules for optimizing proactive protection
- Third Party Liability Insurance Coverage and Defense
- Regulatory Fines & Penalties
- PCI Fines and Penalties
- Cyber Extortion (e.g. Ransomware)
- Business Identity Insurance & Monitoring (PRO Version)
- Automatic employee identity protection
- eNetwork Business Interruption
- Data Reconstruction
- Media / Website Liability
- Breach response mitigation expenses for forensic investigations, legal, breach notifications, identity monitoring and more...
"We built BIZLock to deliver the peace of mind, resources and insurance protection you need to reinforce your prudence and to help ensure you survive a cyber incident."
Tom Widman, Founder, CEO
Learn More About BIZLock Cyber Solutions
Common Cyber Liability Insurance Questions:
When you collect data and store it on a computer system, you must recognize that this data is susceptible to damage, destruction or theft. When such issues occur, they could cause personal and financial challenges both for your business and members of the public. Cyber liability insurance is designed to help the business respond to data losses in ways that will prevent challenges both for both the business and affected third parties.
Commercial liability insurance helps the business compensate others if an internal data loss incident occurs and puts third-party personal security on the line. Whether this loss occurs due to a cyber-attack or another form of data loss, cyber liability coverage pays for:
Reimbursement of fraudulent charges
Identity protection services for customers at risk of identity theft
Damage control for your business’ reputation
Legal fees associated with the attack
Regulatory notification fees
Damaged hardware is not covered by cyber liability insurance. However, commercial property insurance can provide this benefit.
Loss or theft of data is the same as any other type of property damage. It might cause significant headaches for the business, make sensitive information public and cause a lot of problems for a lot of different people. Additionally, it could lead to massive financial challenges for any business, and no business is immune to cyber threats, no matter how strong their data security might be.
In these cases the business, even though it might be a victim, still must take responsibility for remediating the matter. Cyber liability insurance is the benefit that will ensure the policyholder can do so at as minimal a financial loss as possible.
The FTC's Data Breach Response - A Guide for Business (download pdf)
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Please engage in some education before you try to bind coverage. Click here to view these resources from the FTC: