Cyber Liability Insurance
Protecting you in a digital age.
A staggering number of small and medium-sized organizations suffer cyber breaches each year. Cyber breaches include anything from a hacker intrusion to an employee accidentally distributing personal data or confidential information. This has become a substantial threat for any company, regardless of industry. Many businesses assume their exposure is low because they use third-party security firms, back up their data to the cloud, or do not accept credit cards, but that is not the fact. There are numerous areas of exposure that need to be contemplated when considering the need to protect against cybersecurity threats.
Do you have coverage if your organization’s network goes down for an extended period of time (machine hours down, income not realized), clients’ protected information is released (notifications), a hacker breaches the network (IT costs, lawyers, regulatory fines), or your third-party cloud provider has a breach?
Protecting against cyber attacks
Unfortunately, many of these new risks are not covered by your existing insurance policies. Gallo|Thomas advisors can help ensure your data doors are locked and provide tailored solutions in the event of a breach to your firewalls and/or other protective structures. Whether the breach is malicious or unintentional, penalties can be costly. Cyber insurance coverage for first-party and third-party can help in the following areas should a breach occur:
- Privacy attorney
- IT forensic investigation
- Compliance with state notification laws
- Credit monitoring for breached individuals
- PR firm to manage the crisis
- Business interruption expenses
- Regulatory Fines
- Class action lawsuits resulting from the breach
There is no industry standard when it comes to cyber insurance, so having an experienced broker will be key to making sure you’re adequately insured.