Privacy & Network Security Coverage for the Growing Threat of Cyber Risks
Headline after headline tell the stories of data breaches and compromises across every business sector. While companies – large and small – have taken steps to help mitigate their risks, many are still leaving themselves exposed to significant financial loss by not purchasing the proper insurance coverage to protect against cyber threats or attacks.
Businesses either don’t recognize the scope of the problem or feel they’re not vulnerable. But the facts belie these misconceptions: Over 400 organizations across business, financial, educational, government and healthcare sectors experienced data breaches in 2012, according to the Identity Theft Resource Center. And in the first quarter of 2013 alone, some 142 data breach events have been publicly disclosed, exposing nearly one million records.
As technology advances and the use of cloud computing and mobile devices increases, businesses may be exposed to even greater risk. Recent regulations, such as HIPAA and the HI-TECH Act for healthcare providers, have placed greater responsibility upon medical providers, for example, to protect patient privacy. The same is true for financial institutions and client data compliance with the Red Flag Rule.
Protect Against Data Breach Losses with Axis Insurance Services Privacy & Network Security Coverage
Our Privacy and Network Security insurance policies are designed to protect businesses against the unauthorized use or misuse of confidential information. Included is third-party coverage to pay for damages to an individual claiming financial (and emotional) harm as a result of a company’s data breach.
Policies can also be designed to provide first-party coverage to indemnify an insured for their response costs as a result of a breach, including legal fees, notification, credit monitoring, and IT forensics. Coverage may be tailored to include reputational damage as well – this involves the costs expended to protect the company’s image and regain customers’ trust and confidence. Additionally, there is a regulatory component of the policy that pays for legal defense, fines and penalties as a result of a breach.
Determining Your Risks, Your Needs
The insurance industry has responded to threat of cyber exposures with a number of different products. Knowing which policy and what enhancements are needed is critical in obtaining the right coverage at the right price. Our experienced staff and access to a number of key markets enable us to tailor a policy that fits your specific business needs. Our insurance specialists will work with you to reduce your upfront exposure and develop effective processes and procedures to minimize exposure to future risks.
Don’t Wait for a Breach to Occur. Get Privacy Risk Protection Today.
Cyber threats and privacy risks are among the biggest threats to companies. Don’t leave your company needlessly exposed. For more information, call or email us, or fill out the convenient form on this page. Contact us now.