Do you own a business providing products or services online?
Do you take electronic payments for your services?
Do you store private or financial information about your clients, or third party in a digital format?
Do you have Cyber Security Insurance to protect you and your business if something goes wrong and confidential information is accessed?
As a business owner or self-employed consultant, you have a legal responsibility to your clients to keep their data secure. Cyber risk is on the rise, with data breaches affecting hundreds of millions of digital records each year and the number of breaches rising at a dramatic rate as hackers become more sophisticated and widen their reach. Awareness by customers has also increased, fueled by heightened media attention to cyber-security breaches and litigation.
Why is cover for Cyber Security Insurance important?
Cyber Security Insurance protects your business from claims made against you by clients for the theft of their private information. It may also protect you and your business against the legal costs of a claim for damages arising from a cyber security breach.
Choosing the right amount of insurance to protect your business can depend on a number of factors. At Talos we’ll work with you and our insurers to help you get the right cover for your circumstances and future needs.
In any line of work, there is potential for something to go wrong. If and when these incidents happen, you or your business could be held liable. Our insurers will assess the potential for your business to incur a Cyber Security breach, and the type of cover required.
Cyber Security Insurance policies can provide coverage for:
- Business Interruption: including first dollar Extra Expenses
- E-theft Loss: due to having transferred funds or property or given any value due to the fraudulent input of data into a computer system or through a network into a computer system
- E-communication Loss: due to a customer having transferred funds or property or given any value on the faith of any fraudulent communication for which loss you are held legally liable
- E-threat Loss: including the cost of a professional negotiator and ransom payment
- Privacy Notification Expenses: including the cost of credit monitoring services for affected customers. Subject to a limit
- E-vandalism Loss: even when the vandalism is caused by an employee
- Crisis Expenses: including the cost of public relations consultants. Subject to a limit
- Reward Expenses: including the cost of paying an informant. Subject to a limit
Third Party Liability coverage is also available - pursuant to the Cyber Security Liability insuring clause, which may include coverage for:
- Disclosure Liability: including claims by customers arising from system security failures that result in unauthorized access to or dissemination of private information on the internet
- Content Liability: including claims arising from intellectual property infringement, trademark infringement and copyright infringement
- Reputational Liability: including claims alleging disparagement of products or services, libel, slander, defamation and invasion of privacy
- Conduit Liability: including claims arising from system security failures that result in harm to third-party systems
- Defense Costs: cover available for costs incurred in defending any claim brought by a government agency or licensing or regulatory organization.
Regardless of the size of your business, Cyber Security claims can be financially crippling, and even when an incident occurs where you are not at fault, you could still incur significant legal costs in defending yourself.
At Talos we’ll work with you and our providers to find you the best, most competitive Cyber Security Insurance for your situation, saving you time and money, and most importantly protecting your bottom line.
Now that’s peace of mind…
Whether you’re a small, medium or large privately held company, we’ll negotiate with insurers on your behalf to get the best cover and value.
Being covered just makes good business sense.
Contact Talos Insurance and Risk Solutions for further advice.