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Address Today’s & Tomorrow’s Complex Cyber Risks with Cyber Liability Insurance

Equifax and other commonplace names such as Verizon, Anthem, Home Depot, Sony, Target, and Citibank have all been victims of high-profile cyberattacks and leaks, compromising customer and employee data. These organizations make headline news because of the scope of the data breach, but many companies – from small to mid-size and large firms – are victims of cyber losses ranging from appropriated intellectual property to malware infections.

From hacks, attacks, identity theft, ransoms, and even extortion attempts, millions of records are stolen and money fraudulently obtained by cybercriminals. The need to step up security measures and cyber liability protection today is vital for all businesses.

Haughn & Associates (H&A) offers liability insurance cyber coverage to respond to these exposures, a widespread risk faced by all industry sectors and types of businesses. Our insurance company aims to tailor a cyber insurance policy to fit your risk profile and protect against threats of financial loss and reputational damage whether you are a small business or a large corporation.

All Businesses Need Cyber Liability Insurance Protection

Manufacturing companies, for example, face increased legal exposures due to advanced technology, including the Internet of Things, cloud services, mobile applications, and 3-D printing, to mention a few current cyber threats. Habitational and other commercial property categories encounter risks that may breach private customer information online, and a wide range of main-street businesses often deal with computer system perils, network security issues, and privacy liability.

It’s important to note that your General Liability insurance will not respond in the event of a cyber-related loss. In this age of electronic and digital technology, with the accompanying risk of a data breach, it is more vital than ever to have comprehensive cyber insurance coverage for your business.

Inside a Cyber Policy

The professional staff at H&A customizes your Cyber Liability insurance program to address your specific needs wherever they fit on the cyber risk spectrum. Our insurance company advisors invest time to understand your business operations, assess your data breach and cyber risks, and review the cyber security measures you have in place before making recommendations for your cyber insurance coverages.

We Tailor Cyber Liability Insurance Policies To Cover the Unique Risks of Each Company

An insurance company that offers standardized cyber liability insurance packages fails to serve the individual needs and best interests of its customers. Insurance policies attempting to meet the cyber coverage requirements of all businesses in one generic cyber insurance policy either leave out vital coverages for a data breach or cover risks that some companies simply don’t have.

At Haughn & Associates, we design a policy to cover cyber exposures unique to your business while including only the individual coverages your company needs:

  • Forensic investigation services cover the cost of determining how the security breach occurred, the scope of the attack, and how to contain the first-party personal information and financial damages from the breach.
  • Cyber insurance coverage can pay for computer and data loss replacement or restoration costs.
  • Business interruption covers lost profits and additional expenses following a data breach. You can add errors and omissions coverage for liabilities if your business cannot meet customer expectations as promised.
  • Public relations expenses/crisis management covers services to limit lost business by assisting with appropriate communications to customers, business partners, and the public in response to news of a data breach.
  • Business insurance cyber liability may include notification costs, call center establishment, and credit monitoring for victims of the company breach, and may cover the cost of a consultant working with your attorneys and insurance company to prepare and provide the notifications.
  • Cyber extortion covers ransom payments and extortion-related expenses you incur in response to a threat.
  • Third-party insurance helps cover the cost to hire attorneys, cyber consultants, and expert witnesses to defend your company from lawsuits by customers, business partners, and shareholders and the resulting settlements or judgments against you.

Our cyber insurance coverage also provides any large or small business assistance with fines and penalties under the High Tech Act, the Red Flags Rule, and HIPAA, depending on your industry and cyber liability.

Best Practices Key

Cybercriminals don’t discriminate; in fact, they view smaller businesses as easier targets because the level of defense is not as robust as a larger organization’s. Therefore, it’s important that in addition to having proper Cyber Liability insurance in place, you implement best practices in your organization to mitigate your risk. These strategies to protect against data breaches and a cyber-attack event help reduce claims and prevent loss of customer and vendor information such as social security numbers and credit card data.

Get Employees Onboard With Proper Use of Computer Systems

You can reduce cyber attack-related claims by introducing company policies to prevent data breaches and other threats to your network security. To accomplish this, make sure every worker in your company comprehends the guidelines and realizes the importance of following them:

  • Implement corporate security policies and make sure all your employees understand them.
  • Train workers in key areas such as acceptable use of equipment and password policies.
  • Give employees the knowledge and instruction to defend against social engineering and phishing attacks.

Make Cyber Security a Priority To Protect Against Data Breaches

The costs associated with cyber-attacks are high even when your claims are covered. Make sure your information technology people follow the most stringent security measures possible or hire a consultant to help with preventive strategies:

  • Encrypt all records and confidential data.
  • Perform frequent backups.
  • Test backups and data security regularly.
  • Defend your network behind your firewall using network access control (NAC), and make sure to block rogue access and manage the bring-your-own-device (BYOD) dilemma.

Guard Against Any Internal Cyber Risk in Your Business

Never forget that cyber threats can exist within your organization as well as outside. To make sure you are covered against the threat of a malicious insider, implement careful screening of all new hires.

Conduct thorough background checks and perhaps consult an outside expert before making hiring decisions. Any costs you may incur for these precautionary steps are offset by the prevention of security breach claims.

Our Commitment to You

At Haughn & Associates (H&A), our core values and principles of integrity, honesty, dependability, innovation, and collaboration shape who we are and guide us; they ultimately allow our team to provide our clients with high-quality insurance products and an unparalleled level of superior service. Each business, family, and individual is given the personalized attention needed to design the right fit of insurance and risk management protection for your insurance package.