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Cyber Liability Insurance

Posted by Farrell Agencies on January 24, 2018

Cyber Liability insurance is not included under theft and criminal activity of your other policy!

All businesses hold personal information of individuals whether it be a paper file or on the computer for customers or employees. Also, if your business relies on an online presence and use e-commerce as a method of distribution or have employees who carry electronics that hold customers’ personal/commercial information Farrell Agencies Commercial Department can provide you with a quote for Cyber Liability insurance.

Many business owners assume that since cyber liability is a form of theft, and their existing policies provide coverage against theft and criminal activity, there is coverage available. Unfortunately, this is not the case and this misunderstanding has left several businesses footing the bill for the resulting expenses related to cyber liability. These costs include the management of the incident, the investigation of the cause, legal costs, regulatory fines, third party damages and costs associated with the mandatory notification to affected parties.

First party coverage covers expenses incurred as a direct result of a breach of privacy (including legal and public relations expenses) and expenses incurred as an indirect result of the breach of privacy (such as loss of loyalty and business interruption). Third party coverage provides protection against the losses suffered by customers.

What to consider when buying Cyber Liability Insurance

How many records containing personal information does your organization retain or have access to?
How many records containing sensitive commercial information does your organization retain or have access to?
What security controls can you put into place that will reduce the premium?
Do all portable media and computing devices need to be encrypted?
What about unencrypted media in the care, custody or control of your third-party service providers?
Could you make a claim if you were not able to detect an intrusion until several months or years had elapsed?

Please contact our office to obtain a quote today.

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