In our technology driven world, protecting both you and your clients’ private information is becoming increasingly difficult to maintain. We understand this.
As an FDIC regulated financial institution and an SEC registered investment advisor we are required to adhere to the highest levels of compliance. We more than most can understand the requirements and the needs to protect confidential information. Learning to properly navigate your business’s cyber landscape can make all the difference when it comes to putting together a proper risk transfer policy and appropriate protection measures.
Criminals do not discriminate between their targets – individuals and businesses in all industries, small and large, can become victims. It is extremely important to know not only what information you are storing, but also how to properly protect yourself and the enterprise from potential exposure.
Some of the cyber liability or data breach risk transfer policies available include the following:
- Privacy liabilities. Covers unauthorized access or disclosure of both private-personal and business-confidential information
- Media and content liabilities. Covers infringement of copyright and trademark, as well as personal injuries like libel and slander
- Network-security liabilities. Covers damages caused to others if your systems are hijacked, penetrated, or infected
- Regulatory action. Covers legal expenses incurred for defense against regulators; also pays privacy fines where permitted
- Network interruption. Pays net profits during a period of interruption--after a 12-hour waiting period--for logical attack, such as DDOS, virus, and hacks.
- Cyber extortion. Should criminals hold your systems hostage or seek to monetize a breach via ransom, this coverage kicks in.
These policies are designed to cover not only potential liability from third parties following a cyber breach, but also direct costs to your business in the aftermath of an event including;
- First-party costs to limit losses, comply with privacy laws, or to prevent resulting lawsuits
- Forensic investigation to determine the cause of a security or privacy event
- Notification of potential victims including printing, mailing, advertising, phone-bank support, etc.
- Public Relations including crisis-management, or engagement of law firms to minimize damage and increase trust
- Identity-theft education, credit-file monitoring or identity restoration services for the enterprise and its clients
- Other required breach-response services that may be required at the insurers discretion
We have access to the industry’s leading cyber and privacy liability insurance providers, and wholesalers who specialize in protecting businesses from these cyber risks.