Gone are the days of paper books, files and Rolodex contacts. The digital age is in full force. Technology has made our lives, in business as well as personal, far more efficient. With that efficiency and ease unfortunately also comes risk.
Computer networks, no matter how well secured, can potentially fall prey to hackers. Once accessed, client and private business information can be breached. The potential loss from cybersecurity breaches can cost your company dearly.
The average data breach costs a company $154 per record. With a database of just 10,000 clients that is a potential breach of $1,540,000.00 in a single hack. Is your company ready?
It is important to be prepared. Not only prepared with proper security but also backing that up with cybersecurity insurance. This type of insurance transfers some of the financial risks of a breach away from the business and over to the insurer. Cybersecurity insurance typically covers damage to digital assets, business interruptions, network damage and if stipulated, damage to your reputation.
Let’s look over some frequently asked questions
Q: What is Security Breach Response Coverage?
A: Security breach response coverage reimburses the insured for certain costs incurred due to a breach of personal, nonpublic information belonging to their customers or employees.
Q: Are notification costs covered on an individual basis or on a limit basis?
A: It depends on the carrier. Some carriers provide notification expense on a per individual loss basis, while other carriers provide this expense coverage with an aggregate limit loss.
Q: What is “PCI-DSS Assessment” coverage?
A: The Payment Card Industry Data Security Standard (PCI-DSS) is a collaboration of the major credit cards as a means of bringing standardized security best practices for the secure processing of credit card transactions. This coverage covers for penalties and fines assessed by this governing body.
Still have questions? Give us a call.
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