- Does your business retain physical or electronic records of employees or other third parties with any of the following?
- Social security numbers
- Tax identification numbers
- Medical/health records
- Email addresses
- Home addresses
- Driver license information
- Birth dates
- Police records
- Court records
- Banking information (checking/savings accounts)
FACT: If you checked any of the above, your business is in control of personally identifiable information, and, therefore, required to protect that data subject to State and Federal privacy and data breach notification laws.
- Does your business have employees?
FACT: Most data breaches involve an employee mistake. They can lose a mobile device, laptop, or paper records, or make costly errors like opening an unauthorized email containing malware. In addition, they can even intentionally steal data.
- Does your business have an active website?
FACT: Material posted electronically, or in written format, may lead to copyright or trademark infringement or defamation litigation. If the website is transactional, additional exposures include possible hacking or disruption of your business via denial of service attacks.
- Does your business use third-party vendors (IT services, etc.)?
FACT: Businesses in possession of personally identifiable information may be held liable for privacy breaches caused by their vendors or other third parties. As the owner of the data, your business is ultimately responsible for protecting it.
- Does your business use mobile technology, like smartphones, tablets, or laptops?
FACT: Loss of mobile devices and the electronic content contained therein is one of the leading causes of data breaches today.
- Does your business accept credit card payments, other electronic payments, or have online bill pay?
FACT: Over 25% of all data stolen is credit card and other information. This is a category of data that is highly desired by criminals for resale on the black market.
- Does your business allow employees to use personal devices to connect to you network?
FACT: Personal devices may not have the same security software and other connectivity procedures as company-provided devices. As a result, when these personal devices are connected to your network, there may be a higher exposure to virus or malware threats.
- Does your business train employees on proper email use and other privacy issues?
FACT: Employee negligence and/or errors are one of the top three contributors of lost or stolen data.
These days, it only takes one of these to warrant the need for cyber liability coverage. Any organization that uses some form of technology to do business faces cyber risk. As technology becomes more advanced and sophisticated, so do the threats we face. That is why every type of business – large or small – should be prepared with cyber liability insurance.
Ultimately, cyber liability coverage comes at a low premium in comparison to the potential repercussions of a data breach. Representing a small percentage of a company’s annual insurance costs, it is well worth the investment.
Let us help you find the right cyber liability insurance solutions to help protect your business.
For more information, please contact our insurance specialists at 845-986-1177. We are your business, home, auto, and life insurance solutions provider and partner, serving Warwick, Greenwood Lake, Florida, Goshen, Pine Island, Middletown, Chester, Monroe, Newburgh, Orange County, and the Hudson Valley and Tri-State Area.