If you’re business is online – maybe you’re selling products on a website, taking credit card payments in your store, or collecting data off of a blog – you need to protect yourself against a variety of online threats. Do you remember the Christmas credit card breach that happened to Target in 2015? No one wants that to happen again. Trust us.
Cyber & Privacy policies cover you in the case of a data breach in which your customers’ personal information (like Credit Card or Social Security Numbers) is exposed to hackers and other online criminals.
You can be covered for a list of expenses that come with a data breach:
- Credit Monitoring
- Defense Costs
- Fines & Penalties
- Losses Resulting from Identity Theft
- Notification Costs
Coverage can extend to 1st party damages caused to your company and 3rd party damages caused to third parties.
Any questions?
How is this coverage different from a Technology Errors & Omissions policy?
Many people confuse Cyber & Privacy insurance with Technology Errors & Omissions (Tech E&O). The difference is that Tech E&O coverage protects businesses with technology products and services, such as software and hardware manufacturers, web designers, and server farms – in essence your property. In addition, Tech E&O focuses on Errors & Omissions as indicated by the name.
What is included with 1st Party Coverages under this policy?
- Loss of Digital Assets caused by the damage of your electronic data and computer programs.
- Reimbursement for any business interruption and other expenses while your computer system is being restored.
- Costs for customer notification, regulatory fines, penalties, and public relations expenses to deal with the breach.
- Reimbursement for expenses resulting directly from a credible threat (extortion).
- Cyber Terrorism.
- Reimbursement for income loss and expenses as a result of a breach caused by an act of terrorism.
What is included with 3rd Party Coverages under this policy?
- Legal Liability for a security or privacy breach resulting from alleged violations of HIPAA and other privacy protection laws.
- Employee Privacy Liability for a security breach of employees’ PII or PHI.
- Liability for claims arising from the following found on your internet or intranet site:
- Defamation, Libel or Slander
- Domain Name Infringement
- Infringement of Copyright, Trademark, or Service Mark
- Invasion of an Individual’s Privacy
- Plagiarism or Misappropriation of Ideas
