At Arrowood, we offer comprehensive and proactive solutions to the critical cyber data breach / security issues faced by businesses today. Through our partnerships with multiple carriers, we are able to offer your clients multiple quotes, providing the best and most affordable Cyber Liability policy to meet the needs of their business.
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Why Cyber Liability Insurance?
Cyber Liability Insurance provides coverage for the high costs that come from any theft or breach of customer data, keeping businesses protected against losses due to stolen digital hardware, malware, ransomware, as well as paper records falling into the wrong hands.
Cyber liability also includes costs of identifying frauds, restoring records and services to respond to an incident and investigate the cause, notification services to help with legal requirements, as well as the costs of ongoing credit monitoring.
Cyber Liability / Data Breach Protection Policy Highlights
When a breach occurs, cyber insurance covers the range of expenses that arise. These include identifying and solving the breach,
recovering data, customer notifications, PR costs, possible credit monitoring expenses, legal expenses, potential fines from compliance
regulators, extortion costs from ransomware, and general business interruption.
Yes. Hackers use technology to scan the internet for businesses with weak defenses regardless of the size of the business.
A recent Verizon report notes that 43% of all cyber attacks are against small businesses. Worse, 63% of small businesses had experienced a breach in the last 12 months. Any business with a computer and an internet connection is at risk – even if you don’t sell anything on your
First-party coverage – Covers damages a business suffers because of a cyber breach. This can include things like investigative services, business interruption coverage and data recovery.
Third-party coverage – Covers damages if a business’ customers or partners are affected by a cyber attack. This can include legal fees, settlement costs, security failures and media liabilities.
Cyber crime – Covers damage due to any type of illegal activity that occurs using digital means. Examples of cybercrime are extortion/ransomware, phishing, social engineering, and wire transfer fraud
Many general business policies only partially cover damage from cyber events, if at all. As mentioned above cyber coverage protects against the vast array of possible damages, expenses, and lost business that can occur from a cyber attack.
To be fully protected, ensure you have all coverages – first-party, third-party, and cyber crime. Further, since some cyber events can result in large expenses, confirm you have adequate sublimits for each of three above coverages
If your company gets hacked, you will need a breach coach to get your business back up and running fast. When a breach occurs, you need to assess and contain the damage, notify affected parties (e.g. customers and vendors), evaluate and act on the legal ramifications from agitated customers to regulatory bodies, and more. A breach coach will quickly assemble the right response team to deal with these issues. Without an expert it all falls on you, costing you time and money while adversely affecting your business. Fortunately, most insurance companies now provide a breach coach as part of a greater suite of services when you purchase stand-alone cyber insurance coverage.
Being properly protected definitely helps. However, there is no way to fully protect against new threats or human error. Hackers are always adapting to overcome cyber defenses with new versions of current threats or creating brand new methods of attacking businesses.
However damaging a new threat can be, the single biggest contributor to a breach is human error. Easy-to-hack passwords, phishing
emails, or even a lost laptop all present potential entry points for a cyber criminal. Finally, a third-party vendor could be attacked impacting
your ability to do business. A thorough cyber insurance policy is part of your overall risk management plan to ensure your business runs