Clark County Cyber Liability Insurance
Up until about a year ago, when we sat down with our clients to discuss their insurance needs and brought up the subject of Cyber Liability Insurance Coverage, the clients would just look at us with this glazed look and tell us that this type of insurance coverage just wasn’t for them, and they also commented that their company couldn’t imagine a scenario where they would need this type of coverage. My how times have changed!! If your company conducts any type of commerce via the internet, especially if you are processing debit or credit cards, and if your company keeps any client information such as social security numbers, medical records, addresses or any additional vital information, acquiring a Las Vegas/Clark County, NV Cyber Liability Insurance Policy is an absolute must.
Please consider this for a minute: could your company survive a theft or a loss of its company’s data that is stored on its servers, your company’s website being suspended due to a power failure, or your company’s worst nightmare–your company’s website being hacked, or a false-claims accusation triggered by a Facebook, Twitter, Instagram, LinkedIn, Company Blog, or another company’s post? Chances are very high that the response would be no. Please note that a Las Vegas / Clarke County, NV Cyber Liability Policy is not your standard insurance product.
In most instances, these types of policies are written based on a company’s unique needs, but it protects against two types of risk: first-party and third-party risks. Let’s review first party coverage. It may cover such items as crisis management, costs associated with a forensic analysis if your company was infected with a computer virus that destroys your software and data, engaging a public relations firm to manage a data breach incident, and the loss of business income resulting from a data breach. For a review of third party coverage, it refers to Privacy Coverage and Network Security. This type of Cyber Liability Insurance Coverage may cover such losses stemming from breaches in network security or unauthorized access events. Another area is Privacy Regulatory Proceeding Coverage. This particular type of coverage, generally, is provided as a sub-limited part of the privacy liability coverage, which could cover such costs resulting from an administrative, civil or regulatory proceeding that alleges the violation of a privacy law.
Unlike an incident like a water main burst that interrupts the company’s operations, there is no definable timeline for Cyber Liability. A Cyber Liability claim is one that can evolve over a much longer period of time. We strongly urge our clients to take a hard look at their company, their data, how important it is, and what would be the final costs if something went terribly wrong. If you believe suffering these kinds of losses could wipe out your business, then acquiring a Las Vegas/Clark County, NV Cyber Liability Insurance Policy would be in your company’s best interest.
Another coverage your company may want to look at, especially if your company possesses what we refer to as valuable data associated with regulated financial, medical or personal information, is privacy coverage for the potentially onerous costs of a data breach. Also, if you are concerned that your company would find it hard to survive an extended computer-network or website shutdown, you may want to consider network-security coverage.
An additional coverage to consider if your company hosts any online discussions and risks libel or false-claim accusations is Cyber Media Coverage. One thing we can always count on is that things in the tech world change almost as fast as the speed of sound, and having an insurance plan in place that includes Cyber Liability coverage is a wise decision. If your Las Vegas/Clark County, NV company would like to learn about Cyber Liability Insurance, please contact the experienced brokers at PJO Insurance Brokerage.