The ugly Truth about your Cyber Exposure
Unfortunately, data breaches and other cyber crimes are becoming way too common. In the past few years, data breaches have resulted in major fines and legal fees – not to mention headaches – for well known retail chain, one of the nation’s largest banks, a large health insurer, an entertainment network and the federal government just to name a few.
But it’s not just large organizations that are susceptible to being hacked or getting a virus. Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?
A data breach can damage more than just your small-business computer system – it also can damage your reputation and put your customers and/or employees at risk. That's why cyber insurance can be a smart precaution for any size business.
What is cyber insurance?
Cyber insurance generally covers your business' liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver's license numbers and health records. Some policies will also offer coverage for ransomware.
doesn't my general liability policy cover cyber liability?
General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.
What does cyber insurance cover?
- Besides legal fees and expenses, cyber insurance typically helps with:
- Notifying customers about a data breach
- Restoring personal identities of affected customers
- Recovering compromised data
- Repairing damaged computer systems
Most states require companies to notify customers of a data breach involving personally identifiable information2– a process that can be very expensive. And even though most states don’t require companies to offer free credit monitoring following a breach, such a gesture goes a long way with public relations.
You Also May Be Interested In The Following Commercial Insurance Coverage
Quality commercial insurance coverage protects a business from many liability issues. Contact Josh Jackson and Jake Jackson at Jackson Insurance Solutions in Albuquerque for information on all of the business insurance lines we offer.
Business Liability - Commercial Auto - Professional Liability - Workers Compensation - Property Insurance - Commercial Umbrella - Directors & Officers Insurance - Cyber Liability Insurance - Builders Risk
Commercial Insurance Specialists
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Jackson Insurance Solutions provide commercial line insurance for the state of New Mexico serving the communities of Albuquerque, Rio Rancho, Edgewood, Tijeras, Cedar Crest, Sandia Park, Golden, Madrid and Cerrillos.