New Hampshire Cyber Liability Insurance
Whether you run a small consulting firm out of your home or own a large manufacturing corporation, your business is at risk because of cyber liability. You can have anti-virus software, firewalls and even be diligent about changing passwords, but if the largest companies and governments continue to have data stolen, your company is at risk as well.
According to USA Today, in 2014 a staggering 43% of all companies experienced a data breach. It is no longer a matter of if; it is a matter of when. If you thought your business had a 43% chance of experiencing a fire, wouldn't you ensure you had a fire policy in place to protect it? With cyber liability, it is no different given the cost of restoring data, credit monitoring fees and repairing your reputation in the business community alone could bankrupt a company without proper coverage.
What Types Of Claims Involve Cyber Liability?
Unauthorized access: A Russian hacker electronically gains access to computerized cash registers at a restaurant and steals the credit card information of 5,000 customers, starting a chain of fraudulent purchases around the globe.
Theft of Digital Assets: A retail shop contracts with a 3rd party service provider. A laptop computer is stolen from an employee of the 3rd party service provider while attending a convention. The laptop contains the personal information of thousands of clients of the retailer. Under applicable state notification laws, the retailer, not the 3rd party service provider, is required to notify affected individuals, which will include the notification expense and crisis management to every customer.
Human Error: An administrative assistant at a large daycare is tasked with electronically distributing a monthly newsletter to all clients. She inadvertently distributes a spreadsheet containing all the names, social security numbers, birth dates and medical information for all the children who ever attended the school and thus resulting in a privacy breach.
Though we tend to think about cyber liability as a hacker sitting in a dark room stealing data, it can be caused simply by human error as well. In this day-and-age of mobile technology, we have access to what we need to do our jobs from anywhere, but there is an increased cost/risk with this convenience.
What Can Cyber Liability Insurance Cover?
Coverage can vary by policy, so it is critical that you understand any policy before purchasing it. One of the companies that HPM Insurance partners with enables insureds to customize coverage to what their business needs are including coverage for the business's own data including:
- Loss of Digital Assets from damage or corruption of insured's computer or electronic data
- Business Interruption Coverage can reimburse the income lost during a period of restoration of insured's computer system
- Security Event Costs can include customer notification, regulatory fines and penalties as well as public relations expenses
It can also include third party coverage for the following:
- Network Security/Privacy Liability for the legal liability incurred from a security of privacy breach from alleged violations of privacy protection laws including HIIPAA or other state, federal or foreign regulations
- Employee Privacy Liability for a security or privacy breach of employees' personal information
- Electronic Media Liability for claims arising from the insured's sale on internet or intranet site such as defamation, libel or slander, plagiarism or trademark infringement
Is My Business At Risk For A Cyber Loss?
Though nearly every business is susceptible to a cyber loss, insurance should be used in conjunction with other safety measures to prevent a loss from occurring in the first place. If you are not sure where to start, Travelers has a Cyber Risk Pressure Test. It is a 5 minute quiz that can help you identify some of the holes in your cyber security plan.
Why Choose HPM Insurance For Your New Hampshire Cyber Liability policy?
At HPM Insurance, we have been writing Cyber Liability Insurance since insurance companies made the coverage available. Not all cyber liability policies are the same. You will want to work with an agent who partners with innovative and established companies who understand the threats facing your business and the claims expertise to help you with a claim. You also want to be able to customize your Cyber Liability Insurance as the needs of your company will not be the same as the one-person baker who sells her renowned brownies on-line or the international manufacturer filling orders overseas.
Here are two reasons to contact us for a quote right now:
- The new saying for cyber liability is not if, it is when. If you have been procrastinating about looking into this coverage, don't wait. Getting information and a quote is easy.
- If you think that coverage may be too expensive, the cost of an uncovered data breach claim could bankrupt your business. We can provide you with a free quote!
Here is how to contact us:
- Enter your zip code above and a licensed Business Insurance professional will reach out to you during our office hours.
- Call us at 603-673-1201 or 800-696-1209. We are open Monday - Friday from 8:00 am - 5:00 pm.
- Visit one of our offices in Bedford or Amherst.
- Email us at [email protected].
We look forward to hearing from you!