Recently one of my insurance wholesalers had a “cyber event” which caused them to be offline for about a week. I don’t know the details of what happened, but thankfully they aren’t doing direct deposits for me, where my bank account may be in jeopardy. They have offices nationwide and plenty of resources to fix the problems, but some of us don’t.
The threat is real
Cyber attacks can damage more than just your computer system
A data breach puts you and your customer's data at significant risk
More than half of small businesses have experienced a data breach
Here are some of the coverages a cyber policy may provide
- Incident response costs with 24/7 phone consulting and access to an incident manager.
- Coverage for legal and regulatory costs with specialized legal advice, drafting privacy breach notification letters & other notices, notifying regulatory bodies, defending regulatory investigations and actions.
- IT security and forensic costs paying for IT security consultants for advice to remediate and investigate a computer breach. To remove and contain malware and provide expert witness testimony.
- Crisis communication costs for a consultant to develop a crisis communication plan and help carry it out.
- Privacy breach management costs for printing, posting notices and paying for identity restoration & monitoring services.
- Third party privacy breach management costs; same as above, but pays if you are responsibly for exposing someone else’s data.
- Post breach remediation costs to complete an IT security risk assessment, gap analysis, and awareness training.
- Cybercrime covering funds transfer fraud, theft of funds held in escrow, theft of personal funds, cyber extortion, corporate identity theft, telephone hacking, fraudulent electronic communications or websites designed to impersonate you, and unauthorized computer use for cryptojacking.
- Income loss and extra expense for lost revenue in a cyber event, extra expenses to keep you up and running, a supply chain partner during their cyber event, reputational harm, hardware replacement costs.
- Privacy liability for claims relating to your release of Personally Identifiable Information (PII) or Personal Health Information (PHI) covering management liability, regulatory fines, Payment Card Industry (PCI) fines penalties and assessments; and defamation.
*subject to all the policy terms and conditions
The Taylor Wells Difference
Personal support
We are in a unique position to provide the absolute highest level of personalized service to each of our clients
More than 20 years of experience
Our broad range of experience allows us to provide clients with exceptional advice and help identify risks and coverage
Full-service Agency
We offer a diverse range of insurance solutions, and we help to protect homeowners, business and everything in between
Relationships are important
At Taylor Wells Insurance, we believe that relationships are built upon trust, integrity and a higher level of service