Cyber liability insurance is made to cover expenses, losses, business interruptions, and the fines and penalties that are associated with a data breach. In today’s fast-paced online business landscape, cyber coverage has become a critical component to safeguarding your business now and for the future.
The truth is it doesn’t matter if you own or operate a small to medium to large to corporation-sized business—all of them are targets and can be victims of a cyber attack.
Breathtaking Cyber Crime Headlines
According to Business Insurance, CNA reportedly paid a $40 million cyber ransom to regain control of its systems after a successful ransomware attack in March 2021.
Then, in June 2021, Bloomberg covered the headline-making story that you may have felt at home.
Hackers launched a cyber attack on the Colonial Pipeline, reportedly via compromised passwords sold on the Dark Web. They gained access to the networks of the Colonial Pipeline Co. and intended to hold it hostage. An employee, on May 7, saw the ransom note just before 5 a.m., alerted an operations supervisor, and by 6:10, the entire pipeline was offline.
The shutdown marked the first in Colonial’s 57-year history, and the aftershocks were felt for days. Services were interrupted as higher fuel prices, gas shortages, and long lines at the pump were endured from the Gulf Coast to the Eastern Seaboard.
The Warning for All Businesses
The size and type of business is far less important in the world of cybercrime than the opportunity. If a business creates, stores and manages electronic data online, it is visible to cybercriminals and at risk of attack, infiltration and ransom.
Cyber Liability Insurance Protection
How does it work? What does it cover? Do you have it?
These are the questions you need to be asking. If you don’t know how it works, what it covers, or don’t have it, we need to talk—ASAP.
Cyber liability insurance can alleviate financial hardship and even loss of revenue resulting from a cyber attack. The Colonial Pipeline was down from May 7 to May 12 due to one cyber attack; what would happen if your business were forced into a 5-day (or longer) shutdown? How would it impact the whole of your business, and what would the ripple effect be?
That’s where we can help. Our trusted advisors can create a cyber liability policy for your business, based on your risks. The coverage can help soak the costs of extra, often pricey, expenditures incurred from a cyber incident. These may include:
- Meeting ransomware extortion demands
- Covering legal fees due to privacy suits and/or violations
- Computer forensics to retrieve and recover compromised data
- Recovering altered or stolen data
- Restoring the identities of customers whose PIIs were compromised
- Repairing and/or replacing compromised or damaged technology systems
As the landscape of business evolves to be even more digital, now is the time to ensure you’re protected. Let’s discuss your business today and make certain it is well covered so that together we safeguard tomorrow.
Have questions? Let’s talk! Contact our commercial insurance trusted advisors at 757-464-4443.
