Insights: Cyber Liability

By March 1, 2013 July 12th, 2019 Business Insurance

New Developments

This Insights is the first in a series of news articles about the threat of a Cyber attack on your business. All business owners face this very real threat. We can advise you about proactive measures you can take to minimize this exposure. For us, it’s a multi-pronged approach that combines both Risk Management and Risk Transfer. Risk Management focuses on computer security and business practices to ensure that you are properly securing your valuable data. Then we look to the Transfer piece, which is the Cyber Liability policy itself – the essential ingredient to your overall business plan.

We practice what we preach. We have reviewed our own computer security and business practices. We are instituting a Written Information Security Plan (WISP) and we have purchased our own Cyber Liability policy. Going forward, you will hear a lot from us about the threat of Cyber attack. We believe that data breaches are a very real threat to the way everyone does business.

New Agency Partners, Inc. is committed to educating you about the issue of Cyber Liability, advising you through risk management of this threat and guiding you through the risk transfer with cutting edge insurance solutions.

Commercial Insurance Solutions

Cyber Liability – A Crisis in the Making!

  • A rogue employee quits and takes confidential records- 45,000 individuals affected.
  • A hacker illegally accesses your computer system, exposing sensitive data of employees, customers and vendors.
  • A company laptop is stolen containing confidential records and personal data.

Theft is no longer being conducted with a gun and a mask. The cyber thief often has no face or name and can orchestrate criminal acts secretly and swiftly from anywhere.

Hacking or a data breach can affect any size business and can have a far reaching financial impact. Your business reputation could be jeopardized and you could incur substantial notification expenses, fines and penalties as required by law. When it comes to a data breach, the culprit can be someone close to your business or half a world away. The size of a business doesn’t matter as half of all companies that suffer a data breach have less than 1,000 employees.

A Data Breach is defined as an event that occurs when secured data is inadvertently released to or accessed by unauthorized individuals. Such activity and resultant loss is not covered by a General Liability or Property insurance policy.

It’s easy to get started! Just click on this link Cyber Liability Worksheet to access a simple worksheet to obtain a premium indication. We are committed to providing you with a cost indication within 48 hours!

Cyber Liability Insurance coverage is essential to any company’s overall business plan. Let New Agency Partners be your breach protection advisor, providing insurance solutions for your changing world.

Could it happen to your business?

All insurance policies are different. Be sure to review your insurance policy for specific information about coverages available to you. Nothing in this post is meant to suggest a guarantee of coverage.