Cyber Liability, Network Security, and Data Breach

With the increased use of e-commerce, web-based file storage and the proliferation of smart phones, laptops and tablets in businesses of all sizes, the risks associated with data security are growing quickly.

         ➤ In 2013, over 100 million confidential records were exposed through more than 600 reported             security breaches, According to the national nonprofit Identity Theft Resource Center (ITRC).
          ➤  Average cost to the organization per breach up 54% at $3.7 Million†.
          ➤  Legal costs (defense and settlements) represent 57% of breach costs**. Additional costs                      reflect IT services,
          ➤  Customer notification and communications-related costs.
          ➤  Regulatory Fines & Penalties have been on the rise as the government is enforcing FTC                      Safeguards  Rule, HIPAA, Red Flags Rule and the Hi-Tech Act. business interruption

Keys to look for when buying Cyber Liability:

       • Security and Privacy Liability
       • Network Asset Protection
       • Multimedia Liability
       • Privacy Breach Response Costs
       • Privacy Regulatory Defense and Penalties
       • Cyber Extortion
       • Cyber Terrorism
       • Business Interruption

Cyber and privacy insurance is often confused with technology errors and omissions (tech E&O) insurance. In contrast to cyber and privacy insurance, tech E&O coverage is intended to protect providers of technology products and services, such as computer software and hardware manufacturers, website designers, and firms that store corporate data on an off-site basis. Nevertheless, tech E&O insurance policies do contain a number of the same insuring agreements as cyber and privacy policies.