In today’s data climate, no computer system or network is safe. Cyber attacks are at an all-time high. Organizations with the right insurance coverage that enables them to react quickly and effectively when the worst happens are at a distinct advantage. We will even go as far as saying that having the right insurance coverage in today’s environment can give companies a real competitive edge.
The number of incidents of documented attacks on computer-based systems and communications systems increases on a daily basis while many other breaches or cyber attacks go unnoticed for months or years until discovered. Attacks can be launched from the outside or inside or through the careless handling of data or information on security measures.
While data breaches may no longer be prevented and only managed, having adequate data breach insurance should be a standard part of a comprehensive insurance protection program for businesses of all sizes, as every business is potentially exposed to loss of business and reputational damage.
When a cyber attack or data breach occurs, organizations need to be ready to respond quickly and effectively to minimize brand damage and legal liability.
Cyber risk insurance, with data breach response services, offers businesses, organizations and public entities a comprehensive, predictable, and fixed cost risk management solution for responding to security incidents and or a data breach.
It may offer coverages (depending on the specific policies and endorsements) such as:
- Crisis management and customer notification expenses,
- Credit/identity theft monitoring,
- Privacy and security liability,
- Privacy regulatory defense and penalties,
- Computer forensics investigation,
- A “Data Breach Coach” (aka “Privacy” attorney)
- Pre-breach planning services
- Business interruption expenses
- Hacker damage costs and
- Cyber extortion.
It’s important to note that all cyber insurance policies are not standard policies and vary by insurance carrier.
WAM Management Consulting, Inc is an Independent Insurance Agency specializing in Cyber Security and Data Breach response insurance. We offer solutions that help you quickly respond to cyber events and data breaches as well as to plan in advance for their occurrence. Given the ever changing nature of information assurance and compliance, you don’t want to be caught unprepared.