Cyber / Data Breach
Who's looking out for you? We are.
Providing professional services is a risky business in today’s data driven world. The potential loss of the confidential client data that your professional business possesses can financially cripple, or in many cases, bankrupt your business. The data you possess can come in two forms: paper and electronic. No matter what type of professional services you provide, you most likely possess driver license numbers, credit card and banking information, employment or health information or other types of confidential data. The unauthorized loss or theft of personal identifiable information (PII) can lead to a business-ending loss: a cyber liability or data breach loss. Are you prepared for such a loss?
Most businesses are unaware that their standard business liability insurance policy does not cover a cyber-data breach loss, or at least not the proper measure of coverage. Data may be compromised by a virus, cyber thief, hacker, lost or stolen computers, or lost or stolen flash drives and smart phones. Substantial financial losses may occur in these cases due to numerous expenses such as breach notification, credit monitoring, computer forensic investigation, data ransom, business interruption, or a third party law-suit due to identity theft or regulatory fines and penalties. Are you prepared for such a loss?
Insurance industry statistics sadly indicate 65% of small businesses are NOT prepared for such losses. We can help. A stand-alone cyber liability policy can provide:
- First Party Loss expense examples (You):
- Computer forensic investigation
- Crisis management
- Breach notification
- Credit monitoring
- Identity theft remediation
- Public relations
- Data ransom and cyber extortion
- Business interruption and income
- Third Part Loss expense examples (Others you may affect):
- Legal fees to defend you in a law suit
- Regulatory fines and penalties, nearly every state now has specific breach reporting guidelines
- Unauthorized access
- Intellectual property loss
RITMAN understands the intricate and convoluted nature of cyber liability insurance. Contact us today for a cyber liability insurance risk assessment.