Cyber Liability Insurance - Riebling Insurance Agency

Technology plays a significant role in just about every organization today. From customer transactions to social media interactions, technology provides a convenient way to conduct business and interact with customers and potential customers. However, with technology use also comes the threat of certain risks, such as cyber-attacks, which can lead to massive losses for businesses. Cyber liability insurance helps businesses decrease these risks by offering insurance solutions that help protect your business.

What is Cyber Liability Insurance?

Cyber liability insurance, also known as cyber risk insurance, is a category of insurance that covers liability and property losses that occur as a result of a business participating in online and electronic activities, such as collecting data within its internal network or selling on the internet.

Cyber risk insurance is commonly confused with technology errors and omissions (tech E&O) coverage. Technology error and omissions insurance policies do contain some of the same insurance agreements as cyber insurance; however, tech E&O insurance is designed to protect providers of technology services and products, such as website designers, computer hardware and software manufacturers, and firms that store corporate data on an off-site basis. On the other hand, cyber risk insurance is intended to protect consumers of technology services or products.

Cyber Liability Insurance Under the Fidelity-Pak Program

Fidelity-Pak's Cyber risk insurance covers various expenses related to cyber-crimes. The most common reimbursable expenses include:

• Security and Privacy Liability - This covers defense fees and damages caused by a lawsuit filed against you as a consequence of computer security or privacy breaches. This includes theft of data from your system, loss of client or employee information, circulation of a computer virus from your system to another's, and violation of privacy and data regulations.

• Privacy Regulatory Defense and Penalties - This includes legal expenses you accumulate to defend or respond against a regulatory action emerging out of a computer security or privacy breach, in addition to penalties and fines determined in the activity, as insurable by law.

Costs you may become subject to as a result of the following:

• Multimedia Liability
• Customer Notification and Credit Monitoring Costs
• Data Recovery
• Data Extortion

The increasing number of cyber-attacks on businesses indicates that companies are in immediate need of cyber risk insurance. Any business that collects online payment information, uses the cloud, online banking, or stores and maintains customer information, should protect themselves with cyber risk insurance. Cyber risk insurance can help businesses diminish risk exposure by offsetting costs associated with computer-related security and data breaches, which can not only protect your financial assets but prevent damage to your reputation as well as your business.

As technology evolves, cyber risks increase and businesses are at greater risk of attacks. We understand businesses exposure to these risks and offer various insurance solutions designed to help ensure your business is sound. Though cyber insurance can not protect your business from cyber-crime, it can provide your business with a stable financial base in the event a cyber-related security violation occurs.

Small businesses may feel they are exempt from cyber-related risk exposure; however, studies found that a significant percent of phishing attacks, in 2015, was launched against businesses with fewer than 250 employees. Therefore, small businesses can also benefit from cyber risk insurance.

Riebling Insurance Agency is one of the country's most experienced and knowledgeable Fidelity-Pak Insurance Brokers. We work with businesses of any size to assess the exact amount of coverage you need and within your budget. We understand that true value emanates from matching the needs of the client with an affordable rate.

For a free consultation for cyber insurance that fits your specific needs, please contact us today.