Cyber Liability Insurance
Just as the holiday shopping season was about to begin, the Rokenbok toy company was in the middle of a business nightmare.
Online criminals from outside the country had encrypted the company’s files, demanding a hefty ransom to unlock the data. The company was losing thousands in missed orders by the day.
Worse yet, this cyber attack wasn’t Rokenbok’s first: earlier that year the company had been hit with a denial of service attack, shutting down their website.
“I sweated that one,” said CEO, Paul Eichen, in an interview with the New York Times. “Customers’ first impressions are critical.”
It took four days to reconstruct the data and the hackers were never caught.
Cyber liability is a question of “WHEN” not “IF”
Data drives the organizations of today’s world. Business of all sizes have had a cyber attack or data breach, with the average cost to rectify rising to$6.5 million per occurrence.
One stolen laptop, one careless employee, a virus or even paper records that fall into the wrong hands, can create a financial and reputational consequence affecting your business for years to come.
What does Cyber Liability cover?
With a cyber liability policy, you can feel confident you’re covered in case of data breaches and related issues, including:
- Data compromise protection to cover employee and customer information if your data should ever be hacked, stolen (physical and electronic), corrupted, or subject to procedural errors or internal fraud
- Legal cost protection incurred by legal reviews
- Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
- Personal services for any persons affected, which may include help line services, credit monitoring and case managers for identifying theft victims.
- Public relations costs paid for firms to review and respond to the potential impact of the data compromise
- Costs of legal defense in an event that the company is sued due to the breach
Identity recovery protection to identity fraud victims and restore their credit history and records. This includes owners, employees and family members.
Who is cyber liability insurance for?
Cyber liability coverage is available for any business, small and large, nonprofit organizations, and retailers. You may be able to save cost by bundling coverage with another policy to create a suite of business liability coverages.
Why We're Different
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for…
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. Let us help with your insurance needs for your businesses and people we know and care about. That means looking for ways, including carefully choosing the insurance companies we represent to be both affordable and responsive.
We offer more than just a policy
Let us show you what we can do for you today!
Call us at 956-794-9700 or get a quote on this page.