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Cyber Liability Insurance & Data Breach Insurance.

Cyber Liability Insurance Florida

Cyber Liability Insurance is a relatively new term to the insurance industry, but an essential coverage designed to protect companies from a significant threat: Cybercrime.

This particular insurance protection is very important to both small and large companies. It’s not a good idea to assume your business is too small to be targeted.

Cyber criminals prey on small companies because they may be more vulnerable.

At Strong Tower Insurance we specialize in comprehensive Cyber Liability Insurance in Florida, Georgia, South Carolina, and throughout the United States.

Founded in 1975, we specialize in working with companies to protect their financial interests.

Call us today at 1-800-329-0093 to learn how Cyber Liability Insurance can protect your business from this dangerous threat.

To request information on this important protection click on any of the below links for your specific location:

What is a Cyber Attack and How Can It Financially Damage Your Company?

Please note how Wikipedia defines Cyber Attack:

Cyber-attack is any type of offensive maneuver employed by individuals or whole organizations that target computer information systems, infrastructures, computer networks, and/or personal computer devices by various means of malicious acts usually originating from an anonymous source that either steals, alters, or destroys a specified target by hacking into a susceptible system.

See the Wikipedia page on Cyber-Attack by clicking here.

Cybercrime is similar to robbery… except the theft is digital and the thieves may be located hundreds or thousands of miles away. A cyber criminal’s larceny or digital vandalism is far worse than any modern day Jesse James.

Cyber criminals have caused more financial damage at one time than hundreds of bank robbers could by traditional means.

The most well-known (as of 2016) cyber-crime was a data breach at the retailer Target.

A Target financial statement publicized that this particular data breach cost the retailer $252 million. After insurance reimbursement, the losses fell to $162 million… an enormous financial hit no matter how large the company.

Why Do You Need Cyber Insurance Protection?

Cybercrime is growing at an exponential rate and could impact your company.

For instance, the average cost to companies experiencing a cyber-attack due to a data breach in 2015 amounted to $3.8 million!

Imagine your company being held liable for a $3.8 million claim due to a data breach.  Would your business survive?

Great question for serious consideration, especially when there are various ways criminals can steal millions or damage your business by means of the technology we rely upon.

It may not be a question of if your company is ever attacked by Cyber Criminals, but when and how many times.

Cybercrime Damage Is Estimated to Top $2 Trillion by 2019.

A report completed by Juniper Research estimates that Cybercrime will result in $2 Trillion in annual losses by 2019.  In 2013 the Wall Street Journal estimated Cybercrime costs at approximately $100 billion.

Will your company be the victim of a cyber crime?

We certainly hope not, but as we have become more dependent upon technology the chances that we will experience a cyber-attack have increased significantly.

For that reason, you should not dismiss the importance of Cyber Insurance to protect your business even if you believe you are too small to be a target.

 How Does Cyber Insurance Protect You?

General liability insurance protects your business against claims and lawsuits for bodily injury or property damage for which you are found to be legally liable. Property coverage protects your owned buildings, business equipment, inventory, and supplies.

Cyber Insurance can offer many different features or elements of digital protection. Please consider a couple specific elements of one Cyber Liability Insurance Policy:

SECTION A: CYBER LIABILITY 

We agree to pay on your behalf all sums which you become legally obliged to pay (including liability for claimants’ cost and expenses) as a result of any claim first made against you (regardless of who caused the claim) and notified to us during the period of the policy for any third-party financial loss arising directly from a hacking attack or virus that has emanated from or passing through your computer systems or a cloud computing provider’s systems. 

We will also pay costs and expenses on your behalf. 

SECTION B: PRIVACY LIABILITY

We agree to pay on your behalf all sums which you become legally obliged to pay (including liability for claimants’ cost and expenses) as a result of any claim first made against you (regardless of who caused the claim) and notified to us during the period of the policy arising out of a security breach which results in: 

  • an actual or suspected breach of any personally identifiable information (PII), including credit card information, or personal healthcare information (PHI); or
  • your failure to adequately warn affected individuals or provide a timely breach notification; or
  • a breach of any rights of confidentiality as a direct result of your failure to maintain the confidentiality of any data pertaining to an employee; or
  • a breach of any rights of confidentiality, including a breach of any provisions of a non-disclosure agreement or breach of a contractual warranty relating to the confidentiality of commercial information or PII; or
  • a breach of any part of your website’s privacy statement; or
  • a breach of any written contract between you and a third party governing the processing and storage of credit card information including any breach of the Payment Card Industry Data Security Standard (PCI DSS); or
  • a breach of your data or data for which you are responsible that is located on a cloud computing provider’s systems.

Cyber Liability & Data Breach Insurance – More Affordable Than You Think!

Cyber Insurance Coverage might just make the difference between keeping your doors open or closing them forever.

Don’t take a chance without protecting your business with Cyber Liability Insurance or Data Breach Insurance.

Our Cyber Insurance specialist can help you determine appropriate options for your company.

Call us today at 1-800-329-0093 to learn how Cyber Liability Insurance can protect your business from this growing threat, or click any of the below links for your specific state:

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Business Interruption

What is Business Interuption?

Business Interruption Insurance, also known as Business Income Insurance, may cover a loss of revenue that a company experiences after a covered loss. For example, if a fire damages a company’s building and inventory requiring them to shut down while repairs are made and inventory is replaced, Business Interruption Insurance may cover lost revenue during the shutdown.

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Cyber Liability

What is Cyber Liability?

We agree to pay on your behalf all sums which you become legally obliged to pay… as a result of any claim first made against you… for any third party financial loss arising directly from a hacking attack or virus that has emanated from or passed through your computer systems…

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Privacy Liability

What is Privacy Liability?

We agree to pay on your behalf all sums which you become legally obliged to pay… as a result of any claim… arising out of a security breach which results in: a) an actual or suspected breach of any personally identifiable information (PII), including credit card information, or personal healthcare information (PHI); or b) your failure to adequately warn affected individuals or provide a timely breach notification; or…

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System Damage

What is System Damage Coverage?

We agree to pay on your behalf rectification costs… which you incur: a) in retrieving, restoring or replacing data… that has been lost or damaged; or…

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Reputational Harm

What is Reputational Harm Coverage?

We agree to reimburse you for your reduction in profit… as a direct result of the loss of current or future customers caused by damage to your reputation as a result of a system outage or security breach…

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Regulatory Actions

What is Regulatory Actions Coverage?

We agree to pay on your behalf all costs and expenses and any resultant fines and penalties as a result of a regulatory investigation first initiated against you in writing and notified to us during the period of the policy arising out of an actual or suspected security breach.

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Notification Costs

What are Notification Costs?

We agree to pay on your behalf all sums reasonably incurred… as a result of an actual or alleged security breach first discovered during the period of the policy to: a) fulfill any obligation you have to notify any third party or employee, including but not limited to the legal costs to draft appropriate notices for any third party or employee affected by the actual or suspected breach of privacy…

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Third Party Notification Costs

What are Third Party Notification Costs?

In the event that you experience a security breach… that creates a legal obligation for your client to notify affected individuals… we agree to pay on your client’s behalf all sums reasonably incurred… to fulfill any obligation they have to notify any third party…

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Computer Crime

What is Computer Crime Coverage?

We agree to reimburse you for loss… as a direct result of any third party committing: a) any unauthorized electronic funds transfer; or b) theft of money or other financial assets from your bank account…

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Identity Theft

What is Identity Theft Coverage?

We agree to reimburse you for loss… arising as a direct result of the fraudulent use or misuse of your electronic identity including the establishment of credit in your name, the electronic signing of any contract…

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Cyber Threats and Extortion

What is Cyber Threats and Extortion Coverage?

We agree to reimburse you for all reasonable sums incurred as a direct result of a specific threat first made against you and notified to us during the period of the policy to: a) prevent access to your computer systems or any third party systems hosting your applications or data including cloud computing providers; or b) introduce a virus into your computer systems; or…

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Telephone Hacking

What is Telephone Hacking Coverage?

We agree to reimburse you for loss… as a direct result of your telephone system being hacked by a third party…

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Phishing Scams

What is Phishing Scams Coverage?

We agree to reimburse you in the event of fraudulent electronic communications or websites designed to impersonate you or any of your products …

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Defamation

What is Defamation Coverage?

We agree to pay on your behalf all sums which you become legally obliged to pay… as a result of any claim first made against you… for any: a) defamation, including but not limited to libel, slander, trade libel, product disparagement, injurious falsehood; or…

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Intellectual Property Rights

What is Intellectual Property Rights Infringement Coverage?

We agree to pay on your behalf all sums which you become legally obliged to pay as a result of any claim first made against you… for any: a) infringement of any intellectual property rights, including, but not limited to, copyright, trademark, trade dilution, trade dress, design rights, domain name rights, moral rights, service mark or service name, but not including patent; or…

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Content Liability

What is Content Liability?

We agree to pay on your behalf all sums which you become legally obliged to pay… as a result of any claim first made against you for any negligent act, error, omission, advice, misstatement or misrepresentation arising out of media content or user generated content…

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Technology Errors

What is Technology Errors and Omissions Coverage?

We agree to pay on your behalf all sums which you become legally obliged to pay… as a result of any claim first made against you… arising out of any act, error, omission or breach of contract in the provision of your technology services.

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Court Attendance Costs

What is Court Attendance Costs Coverage?

We agree to reimburse you… for your reasonable costs incurred to attend court or any tribunal, arbitration, adjudication, mediation or other hearing…

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Crisis Communications Costs

What is Crisis Communications Costs Coverage?

We agree to pay costs reasonably incurred… for the services of a public relations consultancy for the purpose of averting or mitigating damage to your reputation or brand…

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