Protecting Your Business From Cyber Crimes

Do I Really Need Cyber Liability Insurance? Yes!

Protecting Your Business From Cyber Crimes

In today’s day and age, one simply cannot afford to go without protection against cyber crime. Whether you are looking to seek protection against these crimes that are growing in popularity for your personal life or business operations, everyone needs cyber liability insurance. Home Depot, Sony, P.F. Chang’s, Michaels, and Neiman Marcus are only a handful of the big name brands that have become victim to mass cyber crimes that have not only affected their business’ livelihood, but the well-being of their customers as well.

To ensure that your business is protected from data breaches, theft of information, employee sabotage, computer hacking, and computer viruses, it is important to consider the following cyber liability insurance policies:

  • Privacy Liability – This insurance policy will cover any liability that arises out of your business’ failure to safeguard personally identifiable or confidential business information. It will also provide you with coverage for any regulatory proceedings that are brought by any government agency, alleging that you have violated any federal, state, local, or foreign privacy legislation.
  • Network Security Liability – Any liability arising out of the failure for your network security to prevent attacks is covered through this policy. “Denial of service” attacks and failure to prevent the transmission of a malicious code are also covered through this policy.
  • First Party Coverages – Many expenses will be covered through this policy, including:
    • Costs to retain a computer forensics firm to analyze the extend of the data breach
    • Costs to comply with privacy regulations
    • Costs to notify customers of a data breach and provide credit monitoring services to those affected by the data breach
    • Costs to retain legal, public relations, and crisis management services so that you can restore your company’s reputation

Contact Medwin Insurance Agency in Beverly Hills for all of your California cyber liability insurance needs. We will help you maximize security for your business to ensure that your cyber security is maximized while your cyber risk minimized.

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