Cyber Liability Insurance

What is cyber insurance? 

Everyone has heard of the large retail stores or credit card companies being “hacked” recently and significant amounts of sensitive customer data being released, but have you ever wondered what the hackers do with this information? It turns out they sell it to the highest bidder on something called the “Dark Web”. This is a part of the internet most of us never knew existed, but it is like an Ebay forum for criminals. The Dark Web takes special software, is anonymous, and no search engines can explore it, yet people are able to connect there and sell private information at a nice profit. 

The ease at which private information can be sold and used against the innocent is one of the primary reasons there are fines associated with inability to protect it. All businesses that process, save or utilize financial information from their customers are at risk and hackers have found that small to medium size businesses are often the low hanging fruit. 

The insurance industry has responded to this concern with a product called Cyber Insurance. It involves a series of parts that respond to the multi-faceted risk; such as the cost of fines, the cost of notifying those clients impacted, and the cost to the business owner’s reputation when the event become public. Once the trust is lost, it is often difficult to regain it quickly. 

What are the benefits of cyber insurance? 

Many cyber insurance policies cover a variety of expenses associated with a cyberattack: 

* Stolen data retrieval 

* 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 

* And other cleanup efforts 

A general liability policy often excludes losses incurred because of the Internet. A cyber insurance policy can fill in that gap. It may be the difference between closing your business and making a comeback. We can evaluate your business’s needs and find a policy that offers the best possible protection against cybercrime. 

What Herbie Wiles Insurance can offer: 

We are fortunate to represent many fine insurance carriers that offer their version of cyber insurance protection. Travelers has a particularly sophisticated product for those with larger businesses or those who specialize in information protection. In addition, we offer a product from AmTrust that you can obtain directly from our website. Simply answer a couple of questions and then make the payment and coverage is immediate. The Amtrust product comes in three versions: their Basic product that offers cyber monitoring only; their Essentials product, which offers a reaction plan to prepare a business against a breach, and their top of the line product called Premier, which encompasses a series of responses for a low, low premium. 

So please contact a Herbie Wiles employee at (904) 829-2201 to discuss your cyber insurance needs or feel free to review the options offered by AmTrust by clicking the LEARN MORE button below to choose the product that you feel is right for you.