Cyber Liabililty

 

Why buy Cyber Liability Insurance?

Because your company is at risk financially and legally when you maintain a website with content & matter that not only promotes your products, but offers your distributors or retail clients the opportunity to purchase your automotive products on-line.  When you obtain information from third parties and the information is breached by a "hacker", the outcome can be devasting. 

Here are examples of the coverages available to protect your company are:

  
  • Notification Costs Expenses Reimbursement
    • There are both legal and ethical obligations to inform your customers and the public that their information is at risk
    • It costs approximately $200/customer record for proper notification
      • With only 500 records, you're already spending upwards of $100,000!
  • Forensic Costs Exense 
    • You must investigate to determine how much damage was done
    • Specialists are costly
  • Business Interruption
    • If your computer systems are crippled, so is your online  business
    • Loss of revenues can be protected, even with a denial of service attack!
  • Credit Protection
    • In a cyber information breach, your company will be financially liable for the credit monitoring services your customers will require should personal information about your clients be obtained.
  • Crisis Management expenses
    • Fees for public relations to reestablish your business' name as a credible and reliable institution
  • Cyber Extortion
    • When a hacker holds your information hostage, you may have to pay to get it back
    • The ransom could cost hundreds of thousands - even into the millions
Let an Alliant SEIA Team Member assess your risk and advise you what coverages are appropriate for your company!
 
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