I am sure many of you are aware, earlier this year UCLA’s Health Services was a victim of a cyberattack that put over 10,000 individuals within their data base at risk, compromising personal information to include name, address, date of birth, and individual records made up of their medical condition, prescribed medications, doctor and hospital procedures, and test results.
So serious is the matter that UCLA contacted the FBI and other law enforcement agencies, as well as forensic specialists to investigate the attack, and assist in determining what individuals were at risk.
So many of us buy items online, belong to social media groups, and share our personal information with companies. The risks of data breach are real. Today’s business owner needs to protect their business and themselves from the expensive costs tied to a data breach or cyber liability loss.
Any business that handles or stores customer, patient, or employee data…is at risk. Key industries include professional service providers (lawyers, doctors, accountants), healthcare providers, retailers, restaurants, and businesses involved in the financial services arena.
In short – if your client’s fill-out an application and/or you take credit cards, you need a Data Breach and Cyber Liability policy of protection, which is designed around two (2) types of coverage:
- “Response Coverage” – Designed to reimburse the insured for notification expenses, crisis management expenses, monitoring services, good faith advertising, and legal/forensic services,
- “Defense and Liability Coverage” – Designed to provide coverage for civil awards, settlements and judgments, that the insured is legally obligated to pay.
Data Breach and Cyber Liability protection delivers financial assistance to control and fix the problem, but also pays to mitigate any damage to your business’ reputation restoring customer, patient or employee trust.
Please take a minute and call our office to learn more about how Data Breach / Cyber Liability Insurance can protect your business…and learn the costs associated with that protection…