Cyber Liability. Are you covered?

Aug 11, 2017  Cyber  Property & Casualty

Cyber attacks. These are buzzwords lately and no one is immune, from the US government to large and small businesses, even insurance companies. Every day we hear about a system being hacked or computers being stolen. Are you aware that your General Liability policy typically has no coverage for cyber liability, and, if included, will likely be woefully inadequate.

Most business these days need to protect important customer information. Bankcard or payment information along with a name and address is all a potential thief needs to begin looting your client’s accounts. For medical offices, the burden of protecting data held to higher HIPPA standards for patient medical records and the damage done by a breach carries additional notification, reporting, penalties, and costs. And what about the damage to your business’ reputation?

Computer hackers are sophisticated and creative. They seem to find the flaw or exception to the rule gaining unauthorized access to almost any computer system. And even with the best security practices, it can and does happen.

It's easy to think the threat and liability for protecting customer information is limited to hacking from outside your computer system. But what about the mistakenly thrown out paper records that inadvertently didn’t get shredded prior to disposal? Or the laptop, tablet or even smartphone that was stolen or lost? Or the virus that your employee unknowingly unleashed when they read an infected email that went undetected for a week?

Or the business website that is hacked and conveys inaccurate information to your clients? All of these scenarios are very real, happen every day, and are only a few prime examples of risks associated with cyber liability.

PFSI has been raising the awareness of cyber attacks and the resulting liability to our clients for several years. We have many great programs that, believe it or not, are very affordable for small businesses and provide coverage for a wide variety of exposures as well as high policy limits. Small premiums with big peace of mind.

Contact our P&C department today and see just how well our cyber liability programs can fit your business — without breaking your budget.