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Hackers can strike anyone, anytime, anywhere.  They are using virus and Trojan horse malware through email and web browsing to attack private and sensitive information.  Just about any organization using technology in business faces a cyber risk.  Technologies are constantly evolving and so are the threats we face.  Every business and organization needs to be prepared for these attacks and a cyber liability insurance policy should be part of that equation.

The cost of a data breach can be devastating to a small business.  The financial damage is only part of the story.  An attack on a small business can lead to lost reputation and business interruptions.  When cyber-criminals attack a company's database, they have access to a vast array of information, including Social Security numbers, credit card numbers, bank account numbers along with other business and personal information.

The standard business liability policy will not cover cyber liability.  Many companies have rolled out endorsements that can be purchased to extend coverage to the cyber liability exposure.  Cyber liability may also be purchased as a separate policy.  Without this coverage, an organization that suffered a cyber liability loss would be solely responsible.

Some of the expenses a business may incur include:
  • Business Interruptions
  • Security Overhauls
  • Concessions to their clients
  • Bankruptcies/Business Closures

Cyber insurance includes first and third party risks associated with doing business online.  It covers privacy issues, internet-related instance, and viruses that may be passed along through an internet connection.  This coverage can extend to lost sales due to business interruption and the cost of notifying customers.

Data compromise and cyber liability insurance should be included as part of the overall security strategy for small businesses.

Give Richardson Insurance a call to find out more about how cyber liability can fit into your security strategy.

Richardson Insurance
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Richardson Insurance
205 Hanover St, Hanover, MA 02339 | Office: 781-826-5161 | Fax: 781-829-9287
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