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The Power of Cyber Liability Insurance to Protect Your Business

Data breaches are commonplace today, causing havoc on a business’s reputation along with financial damage. Additionally, cyber threats are becoming more sophisticated with phishing, social engineering, and other techniques meant to hold a company’s network hostage for ransom, disrupt a firm’s operation, steal confidential customer data, and poach intellectual property. And it doesn’t matter what size your company is or what industry you’re in. Hackers are reaching into networks of the financial services industry, healthcare, manufacturing, transportation, hospitality, education, public entities, and habitational…the list goes on.

What once considered a policy for larger corporations Cyber Liability insurance today is as essential as General Liability and Property coverage are for all businesses. Without it, you are putting your company at risk for financial loss from first and third-party losses and, depending on your industry, from regulatory fines and penalties.

The Regan Agency works with top-tier insurance companies that have developed customized Cyber policies, including affordable, tailored coverage for small businesses.

What Does Cyber Liability Insurance Cover?

Cyber Liability insurance can be customized to provide you with several different coverage features to pay for the costs of the following:

  • Forensics investigation to determine what occurred, how to repair the damage, and how to prevent the same type of breach from occurring in the future. Investigations may involve the services of a third-party security firm, as well as coordination with law enforcement.
  • Privacy and notification: This includes required data breach notifications to customers and other affected parties, which are mandated by law in many jurisdictions, and credit monitoring for customers whose information was or may have been breached.
  • Crisis management to advise customers about the breach and mitigate damage to the firm’s reputation.
  • Business interruption expenses as result of the breach, such as costs for additional staff, rented or leased equipment, or use of a third-party service.
  • Cyber extortion reimbursement for credible threats to introduce malicious code, to phish customer systems, or to corrupt the computer system.
  • Judgments, civil awards, or settlements you’re legally obligated to pay after a data breach.
  • Electronic media liability, including infringement of copyright, domain name, trade name, service mark, or slogan on an Intranet or Internet site.

We’re Ready to Serve Your Insurance Protection Needs 

We invite you to learn more about the Regan Agency and to give us an opportunity to show you how we can take care of your business and personal insurance needs. Just give one of our professionals a call at 631-669-3434.