Cyber Liability Insurance
At The Armstrong Company Insurance Consultants, we pride ourselves on expanding knowledge, customer relations and attention to every detail. As a result of the changing marketplace and the needs of our customers, we are focused on Cyber Liability and the related insurance needs of our customers.
Network Security and Privacy Liability (Cyber Liability) is a constantly evolving risk for every business today. Most of us have all known of someone involved in a cyber breach or have experienced it for ourselves (i.e. The Target Breach in March of 2014). Over the last several years, cyber liability insurance has grown from coverage designed solely for information technology companies to coverage that applies to all industries. Any business that obtains and/or maintains any form of personal information of their customers or employees (whether in electronic or paper/non-electronic format) has cyber exposure and is at risk.
Anyone with a Web site now has the legal liabilities of a publisher and has a legal responsibility to protect customer privacy information. If your business uses the Internet to conduct business operations through email, e-commerce or pay-pal, web sales, website content; all of these factors are exposed to cyber liability. Every class of business has this exposure/liability.
The more hazardous sectors include:
- Educational Institutions
- Financial Institutions
- Public/Governmental Entities
- Law Firms
- Payment Processors
States are reacting swiftly to data breach issues with sweeping legislation affecting almost all businesses. Recently enacted laws require notification to all customers affected by a breach, whether or not their information has been used maliciously. In most cases, the notification also requires an option of one year credit monitoring services and a new card or account number for the customer. Costs for the most basic remedies can be as much as $250 for each individual affected by the breach.
Need more information:
- Cyber Breach Preparedness
- Learn more on Cyber Liability Insurance
- Take our Cyber Survey
- Glossary-Cyber Terms
Let our experienced licensed representatives help answer your questions on Cyber Liability Insurance and help you find the coverage you need. Click here to see a list of the major coverages we offer. If there is something not listed, just ask and we will provide you with the details. The Armstrong Company Insurance Consultants understands the business insurance needs of our customers. The right coverage for you is unique – contact us at 866-990-9286 or Request a Quote online today to find out how to protect your business and your future with the right insurance. We are here to work for you!