Cyber Liability Insurance
Can Your Agency Afford to Weather a Data Security Breach?A full 80 percent of businesses that experience a data breach do not recover.
One can hardly turn on the television or pick up a newspaper without seeing another major story about the latest data breach. While headlines are grabbed by large corporate brand names, it is reported that almost half of all data breaches involve companies with less than 500 employees.
Cyber attacks have increased significantly since 2009. Data breaches are extremely common among smaller businesses. Data held by small business is considered low hanging fruit for hackers because they know small businesses lack security resources.
As part of our continuing effort to provide our members with cutting edge coverage, we are offering a slot-rated Data Breach Program for MEMBERS ONLY with a short form application for stand-alone coverage through Beazley. As a Beazley Breach Response policyholder, you will have access to risk management policies and procedures, training and other tools. In addition, when you have a covered breach, they are ready to deliver a well-coordinated response.
For a quote, contact Denise Miller at 888-275-8913 or firstname.lastname@example.org.
Coalition CyberCyber coverage for your agency: IIANC along with Big “I” Markets, (the online market access system available exclusively to Big “I” members) has partnered with Coalition, the leading technology-enabled cyber insurance solution, to give agents access to the cyber and technology errors & omissions insurance markets.
Coalition is the first insurance-enabled technology firm built to help businesses before, during and after a cyber incident. During the online quoting process, your network and web properties undergo an automated risk assessment to identify known issues and potential security weaknesses.
Once coverage is bound, Coalition provides ongoing monitoring for new and emerging threats specific to the information technology used by the insured, adding an extra layer of defense. All policies include a technology-driven approach—which includes automated alerts, threat intelligence and ongoing policyholder monitoring—along with a dedicated claims and security team should a breach occur.
Through the Big “I” Markets platform, any Big “I” member agency can quote and bind insurance online. Big “I” members also have direct access to Coalition’s licensed agents and renowned cybersecurity experts via online chat throughout the sales and underwriting process.
Cyber coverage for your clients: With the addition of Coalition, Big “I” Markets now has a complete range of admitted and non-admitted cyber insurance offerings, from automatic-issue, admitted policies for small business to the most complex risks in the surplus lines arena.
To access Coalition, log in to www.bigimarkets.com and select “Cyber Insurance-Coalition.”
What is Cyber Insurance?Cyber insurance covers your business’ liability for a data breach that includes sensitive customer information. This could include things like Social Security numbers, credit card numbers, account numbers, driver’s license numbers and even medical records.
Why doesn’t my general liability insurance cover cyber liability?GLI covers bodily injuries and damage to property which is a result of your products, services or operations. Be sure to check your policy because cyber insurance is usually not included in your general liability policy.
What does cyber insurance cover?
- Legal fees and expenses as well as:
- Restoring personal identities of affected customers
- Notifying customers about a data breach
- Repairing damaged computer systems
- Recovering compromised data
What to look for as a cyber insurance buyerMany well-known insurance companies offer cyber insurance policies. We work with the top carriers in the country to be sure your needs are met. Like any business insurance, cyber insurance coverage varies by insurer and policy.
When shopping around and comparing policies among insurers, here are some things to look for and ask about:
- What are the deductibles? Be sure to compare deductibles closely among insurers, just like you do with health, vehicle and facility policies.
- Does the insurance company offer one or more types of cyber insurance policies or is the coverage simply an extension to an existing policy? In most cases, a stand-alone policy is best and more comprehensive. Also find out if the policy is customizable to an organization.
- How does coverage and limits apply to both first and third parties? For example, does the policy cover third-party service providers? On that note, find out if your service providers have cyber insurance and how it affects your agreement.
- Does the policy cover any attack to which an organization falls victim or only targeted attacks against that organization in particular?
- Does the policy cover non-malicious actions taken by an employee? This is part of the E&O coverage that applies to cyber insurance as well.
- Does the policy cover social engineering as well as network attacks? Social engineering plays a role in all kinds of attacks, including phishing, spear phishing and advanced persistent threats (APTs).
- Because APTs take place over time, which can be months to years, does the policy include time frames within which coverage applies?