Almost all businesses operating in the United States today need some form of Cyber Liability and Data Protection. Cyber Liability is quickly becoming a must for many businesses. Modern business models utilize the collection and storage of customers private data.
You may need this coverage if you do one or more of the following:
Even if you do not host your own data, you still may be responsible for a data breach. Host servers limit their liability when hosting your data.
Statutory requirements include the self reporting of not just breaches, but possible breaches which can trigger significant additional costs to your business. Each state law varies on notification requirements to the state attorney general based on the number of individuals affected in the data breach.
The Cyber Liability policy can cover the cost of notifying the customer of a breach, the expense of hiring a public relations firm, business interruption, cyber extortion, funds transfer loss, and data destruction.
Kessler Alair Insurance Services works with businesses of all sizes and will bring you the answers to create a viable solution to this constantly changing exposure. Kessler Alair Insurance Services will take the time to learn about your business needs when helping you choose coverage.
The type of information collected for quoting includes but is not limited to:
Your General Liability policy specifically excludes losses incurred by a breach of data.
When the business model includes the processing of credit cards, health information, on-line transactions or collecting Private Information the risk to being hacked grows even greater. As you probably know, credit card fraud is at an all-time high. According to NASDAQ, 72 percent of all data breaches resulting in credit card fraud occurred in the United States in 2014. NASDAQ also reports that as of 2015, the U.S. is responsible for 47 percent of all credit card fraud worldwide. Clearly, U.S.-based businesses are heavily affected by this type of crime, and you need to protect your business and your customers from hackers and other malicious attacks on personal and business data.
Kessler Alair Insurance Services goes beyond providing insurance protection for our business customers. We also work with insurance companies to provide education and preventative resources. Contact us today to learn more.
Business in the information age is constantly changing. Let Kessler Alair Insurance Services help you keep up with the times with a Cyber Liability policy written with your company in mind. Contact us today for details.