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Cyber and Privacy

The average cost of a data breach is $4 million.

Every year millions of people are affected by data loss incidents. With an increasing number of businesses operating in the online space, information security is more critical than ever. But, no matter how much a company invests in security, the possibility of a privacy breach finding a way to break into a system can’t be erased. Your clients need a customized insurance policy designed to protect them from the financial impact of a data breach.

Coverage Details and Features

  • Coverage for 3rd party claims and 1st party responsibilities
  • Forensics costs
  • Notification costs
  • Credit protection: credit monitoring services, credit freezes and fraud alerts
  • Public relations & crisis management
  • Business interruption expenses
  • Cyber extortion costs
  • Media liability costs
  • Additional coverage is available for contractual liability, PCI fines and regulatory fines and penalties.
  • Premiums vary based upon the industry

What can I expect from a cyber liability or privacy insurance policy?

  • Coverage for 3rd party claims and 1st party responsibilities
  • Forensics costs—determining how the breach occurred
  • Notification costs—this can cost up to $30 per person notified and includes postage, printing, call center and advertisement costs
  • Credit protection- credit monitoring services, credit freezes and fraud alerts
  • Public relations/crisis management- to maintain the reputation of the business
  • Data recovery/system restoration- costs for repairing, restoring or replacing any of your computer systems, computer programs and data.
  • Business interruption expenses—to compensate for lost revenue that occurred due to the data breach.
  • Cyber extortion costs—when the website, email server or computer infrastructure of a business is subjected repeatedly to denial of service attacks or other attacks by malicious hackers, who make a monetary demand to release control and stop the attacks.
  • Media liability costs for libel, slander, defamation and personal injury related to the insured’s online activities.
  • Additional coverage is available for contractual liability, PCI fines and regulatory fines and penalties.
  • Premiums vary based upon the industry, but your clients can reinforce their security practices to decrease the overall cost and decrease their overall risk factor for breaches.
  • Encourage your clients to start with strong password protection. Data needs to be encrypted and passwords changed frequently.
  • Conduct regular risk assessments to reveal hardware, software and individual site vulnerabilities.
  • Create a written IT security policy that identifies critical assets and defines policies for physical security, account management, and backup and recovery among other areas.
  • Leverage firewalls, virtual private networks, anti-virus and anti-spam software and secure mobile solutions to secure network access and mobile devices.

Target Classes

Videos

Burns and Wilcox Videos

The New Normal in an Online World

1min 45secs

Questions to Ask

Do you store sensitive data about your clients such as personal, financial or medical information?
This isn’t just credit card information, some states define personal data as items as simple as name and zip code. With tough government regulations and laws such as HIPAA, there is a lot of responsibility for business owners to safeguard their data or become liable for the loss.
Does your organization use computers, mobile devices and/or the internet?
You or your client may be careful, but what about their employees? How many have left their phone behind some place or left a laptop unattended? What about small data storage devices like USB drives? Not to mention phishing schemes. All of these can make your information an easy target for thieves.
Are you aware of the costs associated with a data breach? How could a data breach affect your business from a financial and reputational standpoint?
The average data breach costs $9.4 million which is up from $8.9 million in 2012. Average cost post-breach response services are around $1.4 million. Such costs typically include help desk activities, inbound communications, special investigative activities, remediation activities, legal expenditures, product discounts, identity protection services and regulatory interventions.
Can you trust every one of your employees?
What if an employee stole client information for a personal benefit? What if they lost confidential data or even made an error and submitted sensitive customer information to the wrong recipient?
Do you understand all of the regulatory, state and federal laws surrounding data breaches?
If you suffered a breach would you know what to do? Do you know how quickly you needed to notify customers? What additional services do you need to provide customers that were affected in the breach?

At Burns & Wilcox our expertise becomes your expertise. Our marketing materials are designed to help you give your clients what they want to hear – yes to almost any hard-to-place-risk.

$55,000

One of the nations’ largest clinical health information networks $5M limit written excess of a primary $10M limit

$2,478

Health care administrators $1M limit with $5K retention

$51,000

Software distributor $20M limits. 4 carriers stacked at $5M limits each

$17,000

Grocery store with ecommerce $1M limit with $25K retention

$11,500

Outpatient mental health. $1M limit

$7,500

Accountant. $5M limit

$7,500

Management consultant. $5M limit

Applications for this product may vary. Please click below to find the office nearest to you for assistance.

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