Safeguard your business from online attacks and data breaches with cyber liability insurance

Yes. Your general liability policy will not provide coverage for cyber attacks or data breaches.

Most likely, yes. Let’s face it, we live in a technology-driven word. If you use any form of technology to support your business operations, you should consider cyber liability coverage. 

But if you still aren’t convinced, here are some questions to consider:

• Do you collect, store, or send any personal or confidential data? (See Massachusetts regulations regarding the standards of protection of personal identifiable information or PII.)
• Do you accept electronic payments, either directly or through a third party vendor or service?
• Are you in an industry that has regulations regarding your customer data?
• Do your employees have access to any customer data?
• Do your employees access company software or systems using a laptop, smartphone, or other electronic device?
• Do you have a WiFi network or allow access to your systems remotely?
• Do you use any cloud-based storage?

If you answered yes to any of the above, you're likely at risk for a hacker or data breach, and cyber liability coverage is the only insurance that will make sure you're covered from any damage that could result from it.

It depends. 

The cost of your cyber security insurance protection will depend on a variety of factors, including your business type, industry, years in business, gross revenues, number of employees, number of customers, type of data you store, your data protection and risk management techniques, coverage limits, existing or prior insurance coverages, and more.

Here’s something to consider - how much will it cost if you’re the victim of an attack and you don’t have cyber liability insurance?

This is a great question! Preventing an attack is far better than having one.

The first step you should take is to create a cyber security planning guide for your business. In this plan, you should detail your prevention methods and response plans. 

Your prevention methods should enforce data backup measures, proper password maintenance, employee training, and other security protocols. Your response plan should identify how your business will notify your customers of an attack, what your public statement will be, and how you will work to restore the data and prevent future attacks from occurring. Keep in mind, even with all the right preparation, it's not always enough, and that's why this coverage is so essential.