Cyber Liability Insurance in San Francisco, CA and Surrounding Communities
The use of computers and outward facing websites today are at the core of most small and mid-sized businesses, but these businesses face new and unexpected risks. Whether you're a major corporation or a small business using a single computer to get by cyberliability insurance can help mitigate your risks and allow you to move forward with confidence. Here's what you need to know about this coverage.
First, there is no one-size-fits-all policy for cyberliability protection. The use of technology by companies is so varied—and the risks are so different—that a universal policy would ultimately cost you far more than needed. To deal with this, Riskguard Insurance Solutions focuses on solutions that are specifically tailored to your company's needs, helping to keep costs low while still providing your business with adequate protection.
Did you know?
- A study by a major credit card company found that 85 percent of all data breaches occur at the small business level
- Organized crime considers small businesses to be low risk, high reward targets
- Small and mid-sized business owners are popular targets of identity thieves because they have larger lines of credit, higher volume of transactions and valuable computer networks
- Common reasons personal information is breached include criminal hacking, lost or stolen laptops, computers or paper reports and negligent or malicious employee activity
- It is illegal for business owners to not report and not send notification to those whose legally protected personal information is breached. Forty-seven states along with the federal government have enacted legislation protecting personal information –Businesses that experience a breach are subject to expenses to comply with these laws
- 400 hours is the average amount of time it takes to repair an identity theft problem
- Employee error and malicious insiders accounted for 59% of security incidents in 2015
What are the costs of data breaches?
- Claims for failure to protect information, expense of legally required notifications and credit monitoring to those whose information is exposed, forensic expense to find out and resolve what happened, public relations expense to maintain business reputation, regulatory and Payment Card Industry (PCI) fines and hacker extortion demands
- In 2011, the average cost to business owners per record compromised was $194
- Small business owners have gone out of business due to identity thieves impersonating their business and personal name leading to loan defaults, inability to access credit and loss of business reputation
Solutions from Riskguard Insurance can help protect you with the following product features:
- Identity theft expense including credit monitoring and expense to retain specialists to resolve identity theft for board members and owners
- Website liability including libel, slander, misappropriation of ideas, plagiarism, piracy, copyright and trademark violations
- Cyber extortion expenses
- Data breach expense coverage including notification letters, public relations, forensics and credit monitoring
- Payment Card Industry (PCI) fines and penalties
- Defense of regulatory proceedings
- Data breach expense and identity theft expense paid as incurred (pay-on-behalf) instead of by reimbursement
- Liability arising from both data breach and security breach
- Business interruption - coverage for loss of profits and extra expenses resulting from unauthorized access or malicious code
- Data restoration - coverage for the cost to restore data lost due to a data breach
There's no way to completely avoid risk when you use technology, but you can get insurance that brings these risks down to a manageable level.