You’ve just learned your business has experienced a data breach. Do you know what to do or who to call? Hint: It is not the Ghostbusters. It’s making sure you have Cyber-Liability Insurance. Here are two of the most important things you need to know to protect your customer’s credit, bank accounts, their peace of mind, and your business’s reputation.
Review Your Legal and Ethical Obligations
State and federal regulations can be extremely complex, and they dictate how and when to notify your customers. It is important you review and understand what is expected of your business because some of these regulations may have strict deadlines. If you don’t report it in a certain timeframe, you could pay hefty fines.
Make Sure You Have Cyber Liability Insurance
You may not think you need cyber liability insurance, but if you’re a business owner or any size you do because you and your company are responsible should a breach or hack take place.
Cyber Liability insurance policy’s typically cover losses caused by damage, theft, disruption or corruption of your electronic data. It also covers damage or theft of data stored on your computer system that belong to someone else. More importantly, having coverage for the financial expense of the legal liability to investigate a breach AND the cost to notify your customers should be your priority.
Costs vary depending on your risk factors, but most small businesses’ annual premiums range from $1,000 to $7,500. Each carrier’s coverage is different so it is important to consult with your insurance agent because they can help you compare the options.
Contact us to learn how we will work with you to see how much cyber coverage you need and how we can help you protect your business. 413-592-8118
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