Insurance Coverage For Security Breaches
The best way to make sure technology is a friend rather than a foe is by investing in cyber liability insurance solutions from Burton & Company. Hackers have proven time and time again just how resourceful they are, and determined hackers can get past even the most solid cybersecurity measures. Insurance can help mitigate the damages if your business is a target. Here’s what our policies typically cover in the event of a breach.
Restoring Data
Replacing or restoring software and electronic data damaged by an attack or virus can be costly. Insurance can help with these expenses when they stem from a covered peril.
Notification
Most states have laws requiring companies to inform people whose personal information has been compromised in a breach. Our policies typically cover the cost of notification as well as providing credit monitoring services to affected parties.
Cyber Extortion
An increasingly common approach hackers are using is threatening to commit nefarious acts such as damaging data, initiating attacks, or releasing confidential data if a business fails to pay a ransom. Our policies generally cover extortion payments made with the insurer’s consent and related expenses, such as professional negotiation with extortionists.
Crisis Management
Many of our cyber policies provide some coverage for expenses related to crisis management. This might include hiring experts such as forensic accountants, attorneys, public relations experts and computer specialists to determine which data was compromised and how best to mitigate the damages and protect your reputation.
Loss Of Income
This covers income losses related to a breach and the expenses involved in restoring operations after a shutdown caused by a virus, hack or other covered peril.
Cyber Lawsuit And Claim Coverage
Not all cyber liabilities organizations may face are due to breaches — in some cases, intellectual property rights or security compliance laws may be infringed upon. Here’s a look at the lawsuit and claim coverages offered by many of our policies.
Electronic Media Liability
Electronic media liability can cover lawsuits against your business related to copyright infringement, libel, defamation, slander, and invasion of privacy if they result from your publication of electronic data online.
Privacy and Network Security
When claims are filed against your company stemming from errors, omissions and negligent acts, such as a failure to properly protect sensitive data or notify affected parties of a data breach, this coverage can help.
Regulatory Proceedings
If regulatory agencies overseeing laws related to data breaches impose penalties or fines on your business, this can help with those expenses as well as the costs of hiring an attorney.
Talk To The Cyber Liability Insurance Professionals
Make sure technology lifts your business up instead of bringing it down. Cyber liability insurance can give you a useful safety net when your security and data protection measures fall short. Talk to our team about how Burton & Company’s affordable cyber liability insurance products can keep you protected by calling (888) 652-1325 or requesting a quote online today.
