When a client gives personal financial information to a business, such as a credit card number, social security number, bank account number, or information on their health, finances or a legal matter, they trust that this information will be protected.
Most states have enacted legislation that requires a business to promptly take action when it becomes aware that private information has been stolen, lost, or subject to unauthorized access. Taking action is costly and, depending on the number of individuals impacted, can result in thousands of dollars in notification and credit monitoring expenses. In addition, new regulatory inspections are now focusing on cyber security preparedness, including insurance protection.
Affordable Coverage — a Simple Application
Historically, privacy and network security insurance has been expensive and required a complicated application. To make this insurance easy to obtain, we have designed a new, simple one-page application for a policy that provides broad coverage with an affordable premium of $2,200 and $3,000 for a higher limit of $2,000,000.
The policy covers small to mid-sized companies that maintain employee or customer social security numbers, credit card details, bank account information, health information and other private information on less than 50,000 impacted parties.
- Notification to all impacted parties whose private information may have been lost, stolen or accessed without proper authorization (notification is required in most states)
- Associated costs for those impacted parties electing credit monitoring if their information was lost, stolen or accessed without proper authorization
- Third party financial claims and legal costs in the event of a suit and defense and penalty costs in the event of a regulatory claim
- Regulatory fines and penalties that may be assessed as the result of a data breach
- Public relations expenses to protect and restore a company or organization’s brand and public image
- Expenses to retain a data forensics expert to determine why the breach occurred and how to avoid one in the future
- Losses resulting from network extortion
- Losses resulting from business interruption
Click here for a Cyber Security liability application.
Click here to view a sample policy.
Click here to view our frequently asked questions.
Click here for a coverage synopsis
The Liftman Agency can also customize cyber risk insurance for those firms that require higher limits or for clients that have more than 50,000 records. For more information please contact firstname.lastname@example.org or 617.439.9595