Cyber Liability Insurance

Protecting your investment

These days, technology is changing and advancing at overwhelming speeds. The one thing we all share in common today is one fact that many of us try to ignore: no system is 100% secure.

 

Breaches in cyber security are a problem for businesses of all sizes, from large corporations to sole proprietors. No business is safe from being targeted due to size, industry, or location.

 

SIG’s Path to Protection offers Cyber Liability Insurance–a safety net to protect you from the worst case scenario if your system were to be hacked. Our Cyber Liability policies generally encompass a wide range of digital protections including Errors and Omissions, Network Security and Privacy, and Media Liability for things like libel and intellectual property, trademark, and copyright infringement. Client sensitive data is in every business and even a small breach of information could be the pitfall to your business.

 

System breaches are far from a minor problem. If your data is compromised, the effects can be wide-reaching. There are Mandatory Data Breach Notification laws active in 46 states in the US, which means that depending on your state, you will be legally obligated to contact every single customer who was possibly affected, usually by mail.

 

A 2015 Ponemon Data Breach Study cites the average cost of addressing a breach as $5 million.

 

Common expenses associated with a data breach that will need to be remedied include:

  • Notifying consumers
  • Legal advice, counsel, and defense
  • Settlements
  • Liability to banks and government regulators
  • Penalties and fines
  • Retrieval of stolen data
  • Hiring digital forensic specialists to identify the breach
  • Providing credit monitoring for affected customers, often for months
  • Setting up and running a call center for customers
  • Loss of profits
  • And addressing public relations repercussions

Data breaches can also trigger class-action lawsuits which can result in massive settlements.

 

That sort of expense can be a catastrophic loss, or when prepared with Cyber Liability Insurance, it can be manageable.

 

It takes so little: one misplaced piece of paper, a broken or malfunctioning shredder, one stolen laptop, one mistyped email address, or even a breach at your cloud storage provider.

 

Your reputation and your customers’ trust is at stake.

 

At Stratford Insurance Group, we’ll go over your individual operation and risk factors to help you understand what kind of protection would most benefit your situation. Our agents will explain your options in plain language and go over risk management solutions to identify cyber security measures you can take to make your company’s data safer and lower your premiums.

 

With the breakneck pace of technology, SIG will follow up with you for a 6 Month Check Up to make sure that you’re still comfortable with your coverage and that there aren’t many major changes that could potentially leave you uncovered.

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Additional coverages to consider

General Liability

General Liability Insurance will be the perfect and complete Path to Protection and for others it will be one of the pivotal stepping stones that makes up the larger path to comprehensive coverage.

Workers Comp

Workers’ Compensation Insurance is made up of two roads leading to security: one that benefits the workers and one that benefits the employer. Together, they provide a safeguard that covers everyone.