How secure are you in today’s digital environment? Because of the way we connect online, conduct business electronically, and engage in confidential financial activities with the click of a button, we must be prepared to address the increased risk of cyber attack.
There’s a reason why the cyber insurance market is expected to increase 10-fold (Allianz). Why? External sources like malware can penetrate your network and steal information. Social engineering can convince users to unwittingly grant access to funds. Disgruntled employees can launch an attack and access confidential information. Even misplaced company cell phones can cost you millions if security tools aren’t implemented to protect data.
Defend Against Cyber Attack. Why risk your security—and your reputation? The Fedeli Group Cyber team addresses your risk across your digital environment to focus in on vulnerabilities that require protection. Cyber attacks can happen to any business or individual. The cost? Cyber breach can result in lost customer data, trade secret theft, financial devastation, identity theft, business interruption, loss of profits, breach of contract, extortion and a damaged brand. Keep in mind, traditional liability policies do not provide cyber attack coverage. You need extra protection—a tailored plan designed by knowledgeable experts in the field.
A Best Practice. More companies are required to carry cyber liability insurance. It’s not a luxury—cyber protection is considered a vital need, just like general liability, auto insurance and workers’ compensation.
Auditing Cyber Risk. The Fedeli Group provides thorough risk consultation services to uncover potential threats, and our team becomes an extension of your IT department. Risk audits include education, training and network testing.
Covering the Hard Costs. Most states’ legislation requires notifying individuals of potential security breaches of their personally identifiable information (PII). These notifications are costly. With a carefully written cyber policy, you can cover hard-dollar expenses associated with notification, credit monitoring, identity theft resolution, legal consultation, civil fine and forensic team services.
The Fedeli Group Difference. We recognize that cyber threats are a leading issue for risk managers and businesses need an experienced partner that can analyze potential cyber liabilities, tailor an insurance policy to protect your organization, and offer continuous support. That way, you have a trusted adviser that’s an extension of your IT department. We go beyond offering cyber policies—we provide cyber protection strategies.
Be critical of add-on cyber coverage to a commercial policy. You want a well-crafted cyber policy that clearly outlines what is covered, and that should include the following:
- Information Security and Privacy Liability: Protects against computer system security failure (viruses, malware, denial of service attack), and insures theft, loss or unauthorized disclosure of PII or third-party information in your care.
- Privacy Notification Costs: If a security breach occurs, you must comply with notice laws with costs involving computer expert services, legal services, notification, call center services and credit monitoring.
- Regulatory Defense and Penalties: Should you be charged for violating a privacy law, this coverage pays claims expenses and penalties associated with regulatory proceedings.
- Multimedia and Advertising Liability: From defamation and libel claims to invasion to right of privacy—and beyond—this coverage protects against media communication-related claims.
- Payment Card Industry (PCI) Fines: PCI fines and expenses can be costly—and you’re required to pay them. A cyber policy should cover those fees.
- First Party Data Protection: This coverage pays claims for loss of data because of alteration, corruption, destruction, deletion or damage to a data asset.
- First Party Network Business Interruption: When cyber attack causes business interruption, there are costly expenses that are a direct result of the security breach. This coverage pays for income loss and expenses related to failure of computer security to prevent the cyber attack.
- Cyber Extortion Loss: If a person outside your organization makes an extortion threat against your organization, this coverage pays for costs incurred as a result of the threat.
Let’s Talk. Don’t assume that your general liability or commercial coverage includes a cyber policy. (It probably doesn’t.) Protect your business and your reputation with cyber coverage that addresses your unique exposures. Let’s start a conversation.