Cyber Liability Insurance (AKA Privacy Insurance or Data Breach Insurance) is coverage for your business in the case of a data breach which may result from a number of different perils. Surprisingly, not all the threats are “cyber” related. Losses can result from simply a loss or theft of a business computer with Personal Identifiable Information (PII) or Personal Health Information (PHI) of your clients/customers or vendors, different types of malware or ransom ware attacks, spearfishing or social engineering breach, or hack by a criminal person or organization. The spectrum can range from ANY business who accepts credits cards, companies in the medical field which may or may not be subject to HIPPA compliance, CPA firms, Financial Planners, Attorneys, Title Companies, Financial Institutions, IT Service Providers and many more types of business. In fact, it can be argued that ALL businesses have a Cyber Liability exposure. At Safechoice Insurance, our team of agents can provide a complimentary risk assessment for your business to understand which cyber threats are present and how you can protect the business from financial loss that are a result of cyber breaches, or cyber crime

Cyber Liability insurance policies are customizable to the threats each business has and can cover:

• Losses associated with, fines & regulatory penalties, notification cost of the breached client/employee/ vendor data
• Cost to hire a forensic analyst to understand how the breach occurred
• Credit monitoring that’s mandated up to one year in several states
• Loss of income as a result of the breach
• Cost to hire a public relations firm to assist in “spinning” the public perception of the breach event,
• Cost to set up a call center
• Costs of cyber extortion (aka Ransom’s)Bodily injury and property damage as a result of a cyber breach (which is specifically excluded on all property coverage forms) and
• Several other potential fees that can accumulate after a breach has occurred      
• It’s important to note that these coverage’s for a business are ONLY found in a cyber liability insurance policy and are in almost every case not covered on any other type of business insurance the business may have. Almost any organization that uses technology to do business faces cyber risk.