December 1st, 2016
Is your Cyber Insurance Policy Enough?
High-profile cyber breaches in the last few years have everyone who takes sensitive information on alert. As a retail operation, it’s clear that you need data breach protection. But, is your cyber policy enough?
Cyber Protection insurance policies are unique and evolving. Insurance solutions are continually adjusting to emerging threats, but how can you tell if your policy truly protects you? Here are some things to look for in your policy to help ensure your cyber breach needs are met.
- Privacy liability protects your business against third party lawsuits for failure to protect personal data. These suits are rarely successful, but can still be costly.
- Media liability protects your business against claims of advertising and trademark infringement. Social media presence opens you up to customer and claims of infringement.
- Regulatory proceedings and PCI penalties can add up, and even with third party processors, this bill often falls to the retail store.
- In the event of a breach, your policy can help you respond with a coordinated effort to find out what happened, how severe the breach was and ‘close the door’ to the breach.
- Business Interruption coverage can provide you with crucial loss of insured income and additional expense funds in the event of data interruption. How long can you afford to be unplugged?
- Cyber crime is here to stay and morphing everyday. From cyber extortion to social engineering to electronic transfer fraud, the risks are vast.
Remember, Cyber liability policies vary widely. Don’t settle for coverage that falls short. Our professionals will be happy to guide you through your policy, ask the right questions and find a solution that is tailored to the unique challenges of retailers.