At Safeguard Insurance we recognize the unique technology challenges that business owners increasingly face. That’s why we have developed comprehensive cyber liability insurance packages to help combat these threats.
What is Cyber Liability Insurance
Nearly every business collects some information about their customers such as names, addresses, credit cards, SSN, etc. Most of the time, that information is stored on a computer system or website. Every computer system or website is vulnerable to malicious attack. The repercussions and cost of dealing with a data breach can be overwhelming.
Is Cyber Insurance Necessary?
Regardless of the size of a given business, many face some sort of faulty computer transaction and on average, at least one computer security breach per year. No business is safe from computer-related vandalism and oftentimes these problems generate significant financial losses. Consider the following statistics, provided by the National Cyber Security Alliance:
- 77% of small businesses do not have a written internet security protocol for employees.
- Over 60% have no written policy regarding employee use of social media related to work.
- Nearly 60% of businesses do not provide any internet safety training and do not require multi-factor authentication for network access.
- Only 50% of small businesses completely wipe old computers before disposing of them.
- Over two-thirds of business owners allow employees to use USB thumb drives to transfer data between work and home.
- 60% of small businesses that face a data breach go out of business within 1 year.
Why Buy Cyber Insurance?
Most security breaches have involved attempts by criminals to acquire sensitive company information, usually concerning their customers or employees—common businesses that are targeted for such theft include:
- Retailers (including online retail),
- Banks & mortgage lenders,
- Law firms,
- Medical offices,
- Service and sales organizations,
- And many others…
What Does Cyber Liability Insurance Generally Cover?
Even when the attempts are unsuccessful, the financial and human resource costs associated with handling cyber liability and data breach risks are staggering. That is precisely why you need a comprehensive cyber liability and data breach insurance package.
Our cyber liability insurance and data breach insurance policies can cover losses such as:
- Unauthorized system access
- System damage or data corruption
- Theft of customer information
- Customer notification expenses
- 3rd party liability claims
- Cyber extortion or ransom
- Social engineering, including theft of funds
- Introduction or dissemination of computer malware
Is Cyber Insurance Worth It?
When determining the exact level of cyber liability & data breach insurance coverage your business needs it is important to consider the scope of your internet activities, the range of risks that require coverage and the amount of the coverage deductibles or coinsurance. With the growing popularity and usability of social media, it’s important to also keep tabs on all social media exposures. The social media landscape plays host to many cyber liability risks. In 2013, the median cyber liability claim payout was over $200,000.
Our broad coverage can also include claims regarding failure to prevent unauthorized access, identity theft, transmission of malicious code, and coverage to comply with statutory notification requirements in the event of theft of non-public personal information.
Get a Quote for Cyber Liability Insurance
At Safeguard Insurance, we work with the top providers of cyber liability insurance including Travelers, Hartford, Philadephia, USLI and many others. For a no-obligation quote and coverage review, contact Safeguard at 702-638-0022 or complete the short quote request form on this page.
Safeguard Insurance is located in Las Vegas, NV. We are licensed to offer cyber liability insurance in Nevada, Utah, Arizona, California, New Mexico, Idaho, Oregon, Washington, South Dakota, and Florida.