Cyber Liability Insurance
Today, organizations are vulnerable to cyber risks that can expose them to privacy and data breaches for customers as well as business interruptions and financial threats. At P.D. Foster Insurance we understand no organization is safe from cybercrime. We offer comprehensive Cyber Liability Insurance to protect your organization when a cybercrime event occurs.
What is Cyber Liability Insurance?
Cyber Liability Insurance provides coverage that protects your company against cybercrimes and events such as data breaches and other cyber security issues. Every business is vulnerable to cyber security breaches which can compromise customer privacy, disrupt operations or even hold your financials “hostage” until certain demands are met. P.D. Foster Insurance’s Cyber Liability Insurance mitigates the risk posed by cybercriminals.
Why You Need Cyber Liability Insurance
Every organization that uses technology, no matter how big or small can be targeted by cybercriminals. The more complex technology becomes, the more sophisticated criminals become at using technology to commit crimes. They pose a true threat to your business and your customers, and you have an obligation to protect both.
An effective cyber security plan is only the first step to protecting your company against cybercrimes. You also need Cyber Liability Insurance to cover the costs associated with cyber breaches as well as potential liability claims made by suppliers or customers when their information is compromised.
What coverage does Cyber Liability Insurance provide?
P.D. Foster Insurance offers comprehensive Cyber Liability coverage that includes:
- Privacy Liability: This covers incidents of data breaches where private information is accessed by unauthorized parties. It also covers liability related to failure to comply with your own publicly stated privacy policy and/or to notify those impacted by a breach in a timely manner. The cost of privacy notifications following an event is often covered, depending on the policy.
- Conduit Liability: Coverage includes damages resulting from a system security failure or the impact caused if the system is impaired or unavailable.
- Impaired-Access Liability: This is specific to situations where a customer or other party who is entitled to access your data suffers losses when data is either impaired or unavailable due to security issues.
- Privacy Regulatory Action Coverage: In the case where your company is found to have failed to comply with regulations, this coverage provides funds for defence costs as well as fines or penalties against you.
- Crisis Management: The costs of managing a crisis event can be quite extensive from public relations costs to business interruptions, and from ransom payments to e vandalism incidents. This coverage helps cover these expenses.
- Identity Recovery: Covers expenses related to identity theft.
We will discuss your needs and help determine risks to help you find the right coverage for your needs.
What are the Benefits of Cyber Liability Insurance?
P.D. Foster Insurance Cyber Liability Insurance coverage offers many benefits, including:
- Risk management to identify vulnerabilities so you have the right amount of coverage
- Limited disruption to your business as you’ll have the funds to cover related costs
- Improved company reputation for taking additional steps to protect customer privacy
- Reimbursement for damages up to the maximum of your coverage for limited losses
Your company can operate knowing a cyber breach will not put you out of business. Instead, you can remain operational and continue to meet the needs of your customers.
Why Choose P.D. Foster Insurance
At P.D. Foster Insurance we have been offering specialized insurance services to our customers since 1949. As a family-owned brokerage, we are focused on growing our business for future generations.
As a result, we focus on superior customer service that offers personalized solutions for the changing needs of our commercial customers. We understand the risk of computer attacks and how a lack of Liability Insurance to cover the costs to replace or restore your systems can ruin your business.
Cybercriminals are ruthless using extortion measures against honest business owners and stealing customer information that can ruin your reputation. We provide coverage that protects you against this constant threat, so you and your customers have peace of mind.
For more information on Cyber Liability Insurance or our comprehensive business insurance policies speak to our team today.
