Protect Your Business with Cyber Liability Insurance Imagine: The holiday season is about to begin, but you’re losing thousands of dollars in missed orders every day due to online criminals.
That was the case for the Rokenbok toy company, which had online criminals from outside of the country encrypt the company’s files and demand a hefty ransom to unlock the data. It was a business nightmare. It took four days to reconstruct the data and the hackers were never caught.
A Modern Threat
In today’s data-driven world, the threat of a cyber attack or data breach is very real and not something to take lightly. These events affect businesses of all sizes, and the average cost to rectify the problem is $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 financial and reputational consequences for your business for years to come.
One stolen laptop, one careless employee, a virus or even paper records that fall into the wrong hands can create financial and reputational consequences for your business for years to come.
Cyber Liability Insurance
Can Help A comprehensive cyber liability policy covers you in the 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 defence 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
Additionally, we can help protect your business against damage to electronic data, virus or malware attack, liability to third parties, and also help recover the cost of:
- Restoring and recreating data to your system
- Restoring systems to pre-attack levels
- Lost business and unforeseen expenses
- Public relations services, to communicate with outside parties concerning a computer attack and your public response
Whether you’re a small business, large company, nonprofit organization, or retailer, cyber liability coverage is a wise choice.
At Crunelle Insurance Agency, we can help you assess the risks to your business and get you the protection you need.