Cybersecurity

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Cybersecurity

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Cybersecurity

All industries and companies could face the risk of a privacy or network security breach.

Storing personally identifiable information on clients and employees could be open to data breaches, identity theft, and unauthorized use of confidential information. Valuable information such as tax identification numbers, credit card numbers, bank account numbers, medical history, and more are at a risk. Privacy & Network Security insurance is a must for small and large firms to protect against this widespread exposure.

Exposures and potential costs involved

In addition to potential third-party liability damages, your client could be at risk for direct costs from a number of sources. State laws mandate businesses to notify anyone whose private information may be at risk after a breach occurs.

Many states require that notification be in the form of a letter, setting up a call center to receive calls, offering free credit monitoring, etc., all of which will cost a client substantial money. Forensic services may also be necessary to determine the extent of the breach. If the company’s reputation is at stake, it may require additional spending on PR services to rehabilitate its name.

There may also be fines and penalties assessed as a result of regulatory action. For example, the healthcare industry falls under HIPPA or the HITECH Act; and there are a number of regulations in place for financial institutions, such as the Red Flag Rule; as well as other regulatory agencies that can come after a company has had a breach.

PLRisk Advisors’ Privacy & Network Security coverage is the solution to helping your customers manage and protect against risk.

Offering comprehensive coverage to all businesses, including those with hard-to-place risks. We provide coverage for all classes of business, including hard-to-place risks, and offer tailored policies depending on the client and the industries they serve. We will also provide third party liability coverage in addition to first-party liability insurance, which includes the following features:

Notification costs:

  • Forensics
  • Reputational Damage coverage
  • Cyber Hostage coverage
  • Fines & Penalties

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