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Cyber Liability Insurance

Are You Protected From Cyber Risks?

Despite the efforts by businesses to protect themselves, the frequency and gravity of data theft is increasing.  All it takes for a security breach to occur is a laptop or paper records to be lost or stolen, accidentally sharing or losing of personal information, a determined hacker, or a virus attack. The costs associated with these events can accumulate quickly to cover legal defense, settlements, lost business, notification costs and more.

2013 research conducted by the Ponemon Institute reveals the following:

  • Malicious or criminal attacks are most often the cause of data breach globally (37%). Human Factor is second (35%).
  • Concerns about cyber risks are moving outside of corporate IT teams. Of those that have experienced a security exploit, 76 percent think they are greater to or equal to a natural disaster, business interruption, fire, etc.
  • The average financial impact per security incident is $9.4 million
  • On average it costs companies $188 per record breached.
  • US organizations experienced the highest ex-post response costs-$1,412,548. Post breach activities typically include help desk, inbound communications, special investigative activities, remediation activities, legal expenditures, product discounts, identity protection services and regulatory intervention

Think it will never happen to your organization?  If the Federal Government, Sony, Twitter, Target and Home Depot can be breached so can your business!  It is not IF it will happen but WHEN it it happens. Is your business prepared?

Cyber Liability Coverage:

Cyber Matrix

  • For more information on Cybery Liability Coverage in Michigan please contact Allied Insurance Managers (800) 240-4852.Coverage includes 1st and 3rd party claims
  • Computer forensic costs are not sub-limited
  • Breach notification and credit monitoring cost at full limits (not sub-limited at $250,000)
  • PCI fines and PCI remediation coverage included
  • Duty to defend policy
  • Coverage for breach of contract claims

For more informatioin on Cyber Liability Insurance please contact Allied Insurance Managers at (800) 860-0930

Allied Insurance Managers, INC.