Cyber liability insurance is a new and highly beneficial insurance product available through Roemer Insurance. It is designed to protect your company’s assets by helping to cover the costs associated with a security breach. You’ve probably heard of the massive hacking of Target stores’ credit card data or of Anthem Health Insurance’s recent customer data breach. It’s not just large retail businesses and government institutions that are risk; breaches can happen more often than you might expect, and every business that uses a computer network for maintaining information or conducting a transaction is at risk.
Today’s business enterprise uses its computer network in nearly every facet of daily operations. Most companies maintain sensitive information about their employees, their customers, prospects and suppliers. If there is a data breach, access to confidential personal information, such as social security numbers or credit card numbers, can be obtained by cyber criminals.
A cyber liability insurance policy can help protect your business by covering some of the costs involved if the unthinkable happens.
You need cyber liability insurance because this emerging style of crime puts your company at financial risk every day. Prudent risk management dictates the necessity of having a strategy in place for this eventuality. When your system is breached and your information is no longer secure, the resulting costs can be tremendous. The cost per customer record can be or $200. Even with just 500 records, you’re already spending in excess of $100,000. And this cost does not include costs associated with rebuilding your business’s reputation, any class-action lawsuits, or regulatory fines and penalties.
If a cyber disaster struck today, would your company be able to underwrite the aforementioned expenses out-of-pocket?
You wouldn’t dream of owning a home uninsured for a fire loss. Similarly, it is highly imprudent to go without this new and valuable coverage that can help prevent your business from ‘burning down’ due to a cyber breach.
We can help you protect the financial interests of your company, your employees and your customers from this very real threat.
Please contact Roemer for a cyber risk assessment.