So Much Potential Exposure. So Easy to Protect Yourself.
You hear about it regularly in the news. Hackers are finding new ways to infiltrate advanced cyber-security systems and stealing confidential data. Big-name company security breaches make headlines, but what isn’t commonly known is that 63% of all losses are to firms with less than 100 employees.
A business is liable in the event of a data breach involving lost or stolen information, whether it’s paper or electronic. Companies that maintain employee or customer social security numbers, credit card details, bank account information, health information, and other private information are especially at risk.
Five Costly Exposures of Cyber Theft, Privacy Loss, and Data Breach
- Defense costs
- Notification costs – such as sending a letter to clients and/or employees who have had their information compromised, required by most states
- Credit monitoring costs – you may be required to pay a credit bureau to monitor someone’s credit, between $30-$60 per person per year
- Forensic expenses – to pay experts to determine how your network was hacked and your data was compromised
- Crisis management costs – associated with public relations damage control when you have lost information and/or have had a breach
Butwin Insurance Group recommends Cyber-Privacy Liability Insurance as part of nearly every client’s insurance program. Premiums can be costly, but are a fraction of the costs of defending, notifying, monitoring, investigating and managing the cyber-privacy liability crisis. Butwin looks forward to working with you to set up the right coverage based upon potential cyber liability exposures.