Cyber Security Liability
Computer hackers have added a whole new exposure to loss for most businesses creating the need for Cyber Security Liability. Loss of confidential private information such as social security numbers or credit card numbers can result in a substantial loss to a business. Cyber Security Liability is available to cover these types of losses. Call us today for a review of your coverage and a no-obligation quote!
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What is Cyber Security Liability Insurance?
Your business computer system contains substantial data regarding your customers and clients. This data should remain in the possession of your business, but what if, as a result of a hacker, an internet attack or just from accidental human error, this data was distributed to outside parties. Your exposure to financial loss could be substantial. Cyber Security Liability Insurance can provide coverage for this potential loss.
Examples of Cyber Security Liability Claims
Unauthorized Access
- An international computer hacking group gained access electronically to the computerized cash registers of a restaurant chain and stole credit card information of 5,000 customers, starting a flood of fraudulent purchases around the world.
Theft of Digital Assets
- A regional retailer contracted with a third party service provider. A burglar stole two laptops of the service provider containing the data of over 800,000 clients of the retailer. Under applicable notification laws, the retailer – not the service provider – was required to notify affected individuals. Total expenses incurred for notification and crisis management to customers was nearly $5,000,000
Privacy Breach
- An employee of a rehabilitation center improperly disposed of 4,000 client records in violation of the center’s privacy policy. The records contained social security numbers, credit and debit card account numbers, names, addresses, telephone numbers as well as sensitive medical information. The center settled the claim with the state of Massachusetts and agreed to pay fines and penalties imposed by the state as well as extend $890,000 in customer redress funds for credit monitoring on behalf of the victims.
Human Error
- An employee of a private high school mistakenly distributed, via e-mail, the names, social security numbers, birthdates and medical information of students and faculty, creating a privacy breach. Overall, 1,250 individuals’ information was compromised.
We provide cyber security liability insurance to clients in Miami and South Florida. Contact us to learn more about the right cyber security liability insurance for your business.
The above summary is not a policy and is only intended as a brief presentation of available coverages. The actual insurance policy will provided full details of all benefits, conditions and exclusions.