Data breaches and network security failures happen. In fact, IBM reports more than 91 million security events per year. The likelihood that your business is next is not that far-fetched. Luckily, cyber coverage has evolved from its early days as an E&O/D&O component for technology companies into a robust offering that covers both first-party and third-party costs.
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Some common first-party costs when a security failure or data breach occurs include:
Forensic investigation of the breach.
Legal advice to determine your notification and regulatory obligations.
Notification costs of communicating the breach.
Offering credit monitoring to customers as a result.
Public relations expenses.
Loss of profits and extra expense during the time that your network is down (business interruption).
Common third-party costs include:
Settlements, damages and judgments related to the breach.
Liability to banks for re-issuing credit cards.
Cost of responding to regulatory inquiries.
Regulatory fines and penalties (including Payment Card Industry fines).
We follow the highest industry standards to safeguard the confidentiality of your personal information and secure the transmission of your information from your computer. Please fill out this form as completely as possible to ensure an accurate quote.
Cyber Liability Insurance
Just about any organization that uses technology to do business faces cyber risk. And as technology becomes more complex and sophisticated, so do the threats we face – which is why every business and organization needs to be prepared with cyber liability insurance. At AGI Commercial Insurance, we understand the complexity of cyber threats and have cyber liability insurance solutions to help protect your business assets.
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Network Security and Privacy Liability Coverage
What’s unique about the privacy and network security coverages is that both first-party costs and third-party liabilities are covered: First-party coverage applies to direct costs for responding to a privacy breach or security failure, and third-party coverage applies when people sue or make claims against you, or regulators demand information from you.
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We will do our best to furnish a quote based on the information you provide. The more complete your information, the more accurate your quote will be