Now, More Than Ever, Cyber Liability Insurance Is A Must!
Unless you have been living somewhere with no cable, internet, newspapers, magazines, or any access to news or social media, it is almost impossible to not notice the vast amount of stories about hacking and cyber-attacks, not only hitting the political parties, but governmental agencies as well as businesses of all sizes on a daily basis. While the headlines, most of the time, will tell us about the major hacking hits, the fact remains that attacks on small to midsize companies have increased just about one hundred percent in the past three years, alone, and it doesn’t look like it will slow down anytime soon. According to several studies that were conducted, the estimates were north of a half billion attacks that happened in the past twelve months, alone. Another interesting side note, according to a report from a government agency, is that over seventy-five percent of the businesses that were hit by an attack didn’t even realize they had been hacked until they were informed by that government agency. One thing for certain is that these attacks are going to continue, and, in all likelihood, will increase in frequency. Based on these facts, alone, they are proof that one of your priorities should be to acquire a Cyber Liability Policy because it makes good financial sense, especially if your company has some kind of web presence or stores any vital information, such as medical records, court records, social security numbers, or credit/debit card information, to name just a few items that could be at risk. Ask yourself a question, could your business survive a cyber-attack, and if it did, what would be the cost of that survival? If you think that your General Liability policy will provide protection in case of a cyber-attack, most likely it won’t, and that certainly is not the way you want to discover that bit of bad news. Almost all General Liability Insurance Policies exclude that type of risk, thus, you have the need to secure a Cyber Liability Insurance policy. With potential cyber-attacks on the upswing, the smart financial move would be to make Cyber Liability Insurance a part of your overall insurance program. Premiums for Cyber Liability are based on what type of business you have, the degree of risk, and what safeguards you currently have in place. Also, if you have had Las Vegas Cyber Liability Insurance in the past, it would be beneficial if there were no claims.
Liability for Privacy Protection
This provides coverage for costs to resolve and defend claims with regard to the handling of confidential corporate or personally identifiable information. Covers negligence, violation of consumer or privacy protection law, breach of contract, and regulatory investigations. Covers issues resulting from the failure of network security, including the negligent transmission of a virus, and the inadvertent participation in a DDoS attack against a third party.
Cyber Business Interruption
Covers financial loss, such as business income when a company has its network-dependent revenue interrupted. Traditionally, business interruption insurance in Las Vegas has been for flood, fire, etc., but with the growth in technology, it has created new Business Interruption perils, such as tech failures, viruses, computer hacking, and programming errors.
Covers the response costs and financial payments associated with network-based ransom demands. With the rapid increase in ransomware, such as Cryptolocker, and anonymous currencies, such as Bitcoin, network extortion demands have been on the rise for some time. In the digital world, intangible assets are ‘kidnapped’ and extorted with threats to shut down your system or divulge its sensitive or proprietary information.
Covers costs to recreate or repair damaged or destroyed data, systems, or programs. In the digital world, property is no longer exclusively tangible, so specialized coverage is required to pay for intangible data recovery costs.
Coverage for costs that will be associated when responding to a breach, such as forensic costs to confirm and identify the breach, the costs to notify the affected individuals, providing credit protection services including costs to staff a call center for redemption of monitoring offers, and public relations and crisis management costs.
Costs to defend and resolve claims related to online content, such as trademark, or defamation, or copyright infringement.
We encourage our clients if they don’t already have a cyber security expert on their payroll, to contract with a firm that will assist them with their firewalls, passwords, and develop a secure network that will, hopefully, withstand a cyber attack should one happen. If you would like to learn more on how Cyber Liability Insurance Coverage in Las Vegas could benefit your company, please contact us; we would welcome the opportunity to work with your company.
9850 S Maryland Parkway Suite A-5-262
Las Vegas, NV 89183
Office: 702-370-4799 / 877-234-5759