Business Insurance

Cyber Liability

It doesn't matter what industry you are in, the size of your business, or the precautions you take, all businesses today are susceptible to a data breach or cyber liability claim. Without even knowing it, most businesses are under attack daily due to storage of client information, online transactions, employee misuse of technology, and email attacks to name a few. 

Most businesses may see themselves as either immune to attack because they are too small or they don't collect any client data.  If a business is connected in any way to the internet or phone line, there is a real possibility they have already been exposed. Something as simple as a credit card transaction through a phone attached P.O.S. machine can expose the business to hundreds if not thousands of dollars in claims.

Top data targets include intellectual property and databases of personal information about employees, partners, suppliers and customers, which can be used for identity theft and fraud. Losses are both direct and indirect, with many businesses citing downtime or lost productivity as a costly side effect of cyber criminal activity. Yet despite increased media coverage of high-profile breaches, many executives still believe their organizations have no valuable data and will not be targeted.   

Foundation Insurance Services is committed to helping educate clients on the risk of data breaches and how cyber liability insurance is tailored to address these exposures. Some of the coverages that can be included in a cyber liability policy are:

  • Third-party claims arising from a failure of the insured’s network security or a failure to protect data.
  • Regulatory actions in connection with a security failure, privacy breach or the failure to disclose a security failure or privacy breach.
  • Payment of customer notifications, public relations and other services to assist in managing and mitigating a cyber incident.
  • The costs involved for forensic investigations, legal consultations and identity monitoring for victims of a breach.
  • Network business interruption insurance in the event of a material interruption of your business operations caused by  network security failure; coverage will provide reimbursement for lost income and operating expenses.

Cyber liability is offered by a number of insurance companies but the policies vary from one to the next and among industry sectors. It is important to obtain the right policy for your industry and situation.  Foundation Insurance Services will work with you to determine the appropriate company and coverage.

 For questions or additional information give us a call. (480) 999 -2088 

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If a business is connected in any way to the internet or phone line, there is a real possibility they have already been exposed.