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.

Breach Liability:

  • 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.

Breach Response:

  • 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:

  • 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.

Tags: ,