CYBER INSURANCE
At this point in time, the question is not whether you will experience a cyber attack or data breach, the question is when will it happen. Strongly consider getting a quote for cyber and data breach insurance. Sometimes, as part of a management liability package, you may find some cyber liability coverage imbedded, so double check all of your current policies to determine whether or not you already have this valuable coverage. If you cannot find what you are looking for, feel free to reach out to us anytime.
What Does a Cyber Policy Cover?
Cyber Breach and Data Breach Liability is typically meant to cover at least one of these types of digital infiltration.
What are the types of Data Breaches?
- Password Breach
- Ransomeware
- Nuisance Breaches – Nothing really happens, but your data was compromised and may be used in the future at some point.
- Laptop, Mobile Phone, and Computer Thefts
- Deliberate Hacking
- Social Engineering and Fraud
- Stolen Files
- Email Breaches
Network Disruption may not be covered under some Cyber Liaiblity policies so it is important to check your policy. Network Disruption is a fairly broad term which is why some insurance carriers may not be offering terms inclusive of such a coverage.
If your organization has purchased a data liability policy, or a cyber policy, and this coverage has been purchased, if your network goes down due to a deliberate cyber attack, your policy should provide some coverages. But if you just have a undiagnosed system outage that can’t be explained, there may not be coverage for that.
Give us a call today at (412) 325-1650, we are happy to help and we’re licensed in most states.
Data Assets, or digital assets, are the files and information you hold as valuable intellectual property. Sometimes these types of assets don’t even exist in a physical form. Instead, these assets could be logos, ideas, products designs, and whatever intellectual property your organization holds dear.
Data Asset coverage is important, but it is not common for business insurance of any kind to include such a coverage. Instead, not only must you purchase a cyber liability policy in order to get this coverage, you must also verify and double check that the policy you purchased has this coverage included. Not all cyber liability policies will include data asset coverage, whether or not it pertains to intellectual property or intellectual property infringement.
Social Engineering when discussed in the sphere of digital security can best be described as the act of criminal deception aimed to coerce or manipulate an individual or group into disclosing information to that criminal or criminal group. The ultimate purpose of social engineering is for the criminal act to separate you from your money, period.
Although this is a very valuable, and realistic type of cyber breach, this coverage is not included in every cyber policy. In fact, some cyber insurance companies cannot even provide this type of coverage, so it is important you call your agent today and determine what coverage you have on your current policies.
Most Insurance companies providing cyber liaiblity coverage will have their own proprietary suite of coverages. When you ask your insurance agent for a cyber insurance quote, make sure you ask them to provide as many endorsements as possible during the quoting process. That way, you can read and understand the additional coverages available and then make a determination whether or not the price associated with the additional coverage is worthwhile from a risk perspective.
CYBER EXTORTION COVERAGE
What does it do and what does it include?
Cyber extortion was developed by criminals for one purpose only, to separate people from their money. In this kind of digital extortion activity, criminals and those of ill repute will develop very intricate ways to steal your money. On one hand, you may receive an email with a malicious link attached and on another hand you make it a phone call. Most of the time it ends up with you missing all of your important computer files and the criminal requiring you to pay a ransom in order to get back you’re privileged and valued data.
