Cyber Liability

Cyber threats are a growing risk for businesses in the U.S., leading to data breaches, ransomware attacks, and financial losses. No business is immune, and the costs of recovery can be significant.

Why Insure Your Business?

Cyber liability insurance helps cover costs related to data breaches, legal fees, regulatory fines, and business interruption. Without coverage, a cyberattack could lead to significant financial losses, lawsuits, and damage to customer trust. Insurance provides a safety net, ensuring your business can recover quickly from cyber threats.

Recent Cyber Liability Claims

Stolen Client Laptops 2 laptops from the service provider containing the data of over 80,000 clients of the retailer. Payout: $1,200,000

Rogue HR Employee Terminated employee steals confidential information from customer files. Payout: $3,500,000

IT Company Spyware Attack An employee opened a phishing email on her work computer, for 2 weeks the spyware emailed over 1,000 screenshots of confidential data on 150 customers. Payout: $5,300,000

Ransomware at Data Company A U.S. based IT company contracted with an overseas software vendor which left certain “administrator” defaults on the company’s server and a “hacker for hire” was paid $20,000 to exploit the vulnerability. Payout: $4,600,000

Top 12 Security Controls As Recommended by Cyber Insurers

Multi-Factor Authentication (MFA)

Virtual Private Network (VPN) & Remote Desktop (RDP)

Endpoint Detection & Response (EDR)

Network Security & Segmentation

Privileged Access Management

Endpoint Access Controls

Data Recovery & Remediation

Offsite Encrypted Backups

Malware Protection

Patch Management Program

Employee Awareness Training

Vulnerability Assessment & Audit