What the Equifax Data Breach Teaches Us About Cyber Liability Insurance
Posted by Tech Insurance Solutions on
Recently, Equifax has been added to the endless list of companies victimized by a cyber attack.
The unknown entity is said to have stolen information including names, Social Security numbers, birth dates and addresses. 209,000 consumers’ credit card information was also stolen in addition to certain documents with personally identifiable information for some 182,000 others.
This is yet another reminder that you are never too small or too big to experience a data breach. Hackers are equal opportunists and they do not discriminate.
One of the most costly and devastating mistakes a business owner can make these days is assuming their business liability insurance has them covered in the event of a cyber-attack.
If you’re assuming your business liability insurance has you covered in the event of a cyber-attack, think again. Most standard business liability insurance plans do not cover cyber liability – and with data breaches on the rise, it’s time to act for your security practices and risk management strategies.
Although big-name company cyber-attacks make the headlines, most businesses targeted by hackers have less than 250 employees. When these small businesses suffer a data breach, the impact is devastating. Not only do they incur major financial repercussions – they lose loyal customers, damage their reputation in the marketplace, and most small business are forced to close within six months of the incident.
Cybersecurity insurance coverage is crucial in ensuring the safety of your customer’s information and the success of your business. And because this type of insurance is relatively new, it is often overlooked or misunderstood. The best way to safeguard your business is to contact an insurance professional who specializes in this type of coverage and discuss what types of options are available to guarantee your recovery in the event of a cyberattack. With Tech Insurance Solutions, you will get the confidence you deserve to continue securely growing your business with protection against looming cyber threats.
Below are a few topics to discuss:
Am I covered in the event of a cyber breach?
To what extent is my business covered when a breach occurs?
What are my coverage options?
Tech Insurance Solutions is here to guide you and get you covered. As cyber breach risks continue to increase, more and more businesses are concerned about their cyber liability exposure. Often, they know they need cyber liability insurance, but lack guidance on what should be covered or on how much coverage may be needed. Surely, a doctor’s office is going to have a much different exposure risk than a furniture store, and so on.
Where can we start?
This is a fantastic tool to help businesses to examine and ascertain the potential risk that they have and what it could ultimately cost them with a data breach. The calculator allows a business owner to generate a hypothetical scenario and estimates a data breach cost on the type of information lost, such as PII (Personally Identifiable Information), PCI (Payment Card Information or Industry), and PHI (Protected Health Information).
It’s truly an eye-opening experience using this calculator as it helps you to see cost related to:
Class Action Lawsuits
Customer Notification/Crisis Management
All from inputting a bit of information about your business and the extenuating circumstances that may impact such a breach. This nifty tool can begin the conversation of how much coverage truly might be needed under your cyber liability insurance policy.
We’re proud to say that our carriers offer the full version of this calculator as well as many other helpful tools and resources provided by eRiskHub as a bonus to our policyholders. Tech Insurance Solutions is dedicated to helping businesses with Cyber Liability Insurance and other business insurance needs.
Email us today to set an appointment to receive the guidance you deserve to protect the things that matter most. to inquire about the the various customizable coverage options available for you.