Cyber Liability Insurance
Orlando | Sarasota | West Palm Beach
In today’s world of advancing technology, white collar crimes involving breached computer systems can cost the victims and companies whose security was compromised millions of dollars. At Signature Insurance, we provide commercial cyber liability insurance policies which can protect your company from the aftermath of cyber attacks, eliminating business downtime.
Is Your Business at Risk for Cyber Attacks?
These days, almost every company or organization that provides goods or services to consumers will maintain some version of electronic records which contain personal information like address, phone numbers, social security numbers, financial information, and credit/debit card numbers. Cybercriminals can hack into a company’s system, no matter how secure, to gain access to this data and use or sell the sensitive information for personal or financial gain.
What Is Data Breach Insurance
Cyber risk insurance provides coverage to any organization that might be a target for data breach and indemnifies the company for any monetary damages associated with such an event.
When a company experiences a data breach, they are often responsible for:
- Payment for lawyer fees in legal proceedings
- The recovery of stolen information
- Repairing the credit or restoring the identities of impacted customers
- Informing customers that their information has been compromised
- Repairing damaged computer systems
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Industries that Should Consider a Cyber Liability Policy
Your business might wish to consider investing in cybersecurity insurance if said entity stores a significant amount of your customer’s personal information in computer databases. Noted industries include:
- Healthcare industry: hospitals, medical clinics, health insurance providers, physicians offices
- Academic institutions: school districts and both the scholastic and financial offices of colleges and universities
- Hospitality organizations: hotels and restaurants
- Banking and financial institutions
That said, any entity that utilizes computer software to house sensitive customer information could be at risk for a security breach and should safeguard accordingly.
Cyber Liability Policy Quotes
Cyber liability insurance quotes will vary; individual or small business entities with simple computer systems might expect to pay less. However, major corporations with a larger digital network and a much more expansive customer base often require the implementation of advanced safeguards that will be more expensive to install and remedy should a breach occur.
Information breach security insurance could be a valuable asset to any business that services customers and deals with personal information. Cybercriminals do not discriminate and do not care whether you operate a small business or a major company. Should sensitive customer information be breached, it could have devastating financial consequences on you and your customers, so it’s important to be protected.
If you are interested in obtaining cyber risk insurance, please contact us. One of our agents can assess your needs and provide fast cyber liability insurance quotes.Back to Business Insurance
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