Data breaches are complicated and costly. In 2019, an annual survey of business owners found that:
- 86 Percent of business owners believe that digital risk will continue to grow
- 35 Percent of business owners who have never experienced a cyber-attack are unaware of the financial cost to recover, highlighting a dangerous gap in knowledge from the implications.
- 30 Percent of companies with 11-50 employees do not provide any type of formal training on cybersecurity.
With cyber attacks becoming more frequent, there’s a growing chance that a business like yours will suffer a data breach or computer attack. That’s why you need protection to help offset the devastating effects it can have on your business from a financial and reputation standpoint.
Cyber risk solutions
Along with cyber insurance coverage, you have access to experts to guide you through compliance with state breach notification laws to avoid fines and penalties.
Expenses that are typically covered include costs associated with:
- Notifying customers about a data breach
- Providing credit monitoring services as required by some states
- Setting up a call center for affected individuals to obtain additional information and sign up for credit monitoring
- Protecting your electronic data and computer systems from damage and computer attacks
- Assisting with any associated legal expenses
Cyber liability coverages and services vary by carrier but may include
Data compromise protection
Data compromise protection covers employee and customer information in the event of a hacking, physical theft of electronic data or hard copy files, procedural errors or fraud. Data compromise protection includes:
- Legal reviews
- Forensic information technology services to help determine the nature and extent of an electronic breach
- Personal services for those affected, including a help line, credit monitoring and case managers for victims of identity fraud
- Services provided by a professional public relations firm to review and respond to the potential impact of the data compromise
- Legal defense costs
Identity recovery protection
Identity recovery protection helps identity fraud victims restore their credit history and identity records to pre-theft status. Coverage and services extend to key owners, their employees and resident family members. Identity recovery protection includes:
- An identity theft help line staffed by counselors and specialized case managers
- Services to correct victims' records to pre-theft status, such as writing letters to credit bureaus and other institutions, as well as preparing communications to send to government agencies
- Expense reimbursement for lost wages, various legal fees, and more
Cyber protection protects your business against damage to electronic data and computer systems from a virus or other computer attack. It also protects your business's liability to third parties that may have suffered damage due to security weaknesses in your business's computer system. Cyber protection helps pay for:
- Restoring and recreating data
- Restoring a computer system to its pre-attack level
- Lost business and extra expenses
- Public relations services, to communicate with outside parties concerning a computer attack and the insured's response
Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in your individual insurance contracts, policies, and/or declaration pages from any underwriting companies, which are controlling. Such products, coverages, terms, and discounts may vary by state and exclusions may apply.
Information provided by Nationwide Mutual Insurance Company.