Cyber Risk Management
Traditional property & casualty insurance was created and written for a world that no longer exists. Cyber Insurance is designed to fill the gap and protect business for technology risks that exist now!
In today’s environment, even the most “traditional brick and mortar” company relies on information technology during day-to-day operations. Businesses need to protect their information assets from a variety of risks including computer viruses, malicious code and hardware theft – while trying to maintain and upgrade their existing network infrastructure to keep their businesses running smoothly.
The following industries tend to be the most impacted by technology risks:
- Healthcare
- Financial Services
- Retail
- Manufacturing
- Education
- Legal
- Media
- Miscellaneous, such as data processors, application service providers and e-Commerce companies
Potential Loss Scenario:
Malware can be installed and go undetected for weeks, sometimes months before a business realizes its data has been compromised. Social security numbers, addresses, names, medical records, bank statements, payment card information – all of these are targeted. Once a breach occurs, not only does your business suffer a first-party loss, but it must also determine how many other businesses were impacted – this is not cheap! In many cases, YOUR business must notify those other companies, and pay for fraud monitoring. If a business makes it past this point, it could easily be facing lawsuits for defamation, mental anguish, and a host of other reputational torts for which your business WOULD be liable.
Want more information? Contact us at 706-291-7380
