Unfortunately, data breach and cybercrime events are in the news daily. These events impact large retail chains, large national banks, our federal government and a major social media company just to name a few. Typically, data breaches result in major fines, legal fees and reputational damage.
We often hear about the data breaches related to large national and global companies; however, over 50 percent of small businesses have experienced a data breach as well. A data breach can damage more than just your computer system – it can impact your company’s reputation, business assets and put your customers and employee’s private information at risk. Cyber Liability Insurance is a wise purchase for any size business based on the increased frequency of data breach events.
Cyber Liability Insurance covers your business liability for a data breach involving sensitive private information like social security numbers, credit card numbers, health records, account numbers and driver license numbers. Your General Liability insurance policy covers bodily injury and property damage incurred by third parties as a result of your services, products or business operations. Almost all General liability policies exclude coverage for cyber liability events.
What specific protection can Cyber Liability provide?
- Legal fees and expenses
- Recovery of compromised data
- Repair of damaged computer systems
- Cost to notify customers about the data breach
- Cost to restore personal identities of affected customers
- Cost of credit monitoring of affected customers
Regardless of the size of your business, SJS Insurance strongly recommends that businesses address this growing exposure with a Cyber Liability Insurance policy to protect their business, customers and employees from a data breach or cybercrime.
At SJS Insurance we can offer your business a full exposure review and Cyber Liability evaluation. Please feel free to contact us at (480) 525-7611 or www.sjsins.com.