What Is Data Breach Insurance?
Data breach insurance and cyber liability insurance helps cover the costs of a data security breach for things like identity protection solutions, public relations, legal fees, liability and more depending on the coverage you choose. You want data breach coverage in place because quick action is critical to help restore the public’s confidence, if your business is victimized by a cyber attack.
To mitigate the risk of civil litigation and other penalties when a data loss or theft occurs, a cyber liability or data breach insurance policy can provide access to professional assistance to help businesses comply with applicable laws and regulations.
A representative from The Hartford can help you find the cyber security insurance coverage that is right for your company.
- Quick responses when a data breach occurs. Businesses must respond swiftly to minimize the impact of a data security incident on their customers, employees and their business. Their reputation is at risk, and there are laws and regulatory requirements that must be addressed immediately or companies that experience a breach could face steep penalties and even lawsuits. Protection from The Hartford includes access to experienced breach response partners that can assist businesses in meeting their lawful obligations and communicating to those who may be affected by a cyber threat, breach or theft of personally identifiable information entrusted to the business.
- Help prepare businesses for a data breach. Our Data Breach and Cyber Liability coverages include access to services that assist businesses in preparing for a breach by helping ensure that proper security measures are in place before there is an incident. For example, these services can help businesses with network security, employee training, developing appropriate privacy and network policies and procedures, identifying and managing company assets, and incident response planning. Data security is challenging and requires a holistic, multi-faceted approach. The Hartford can help businesses take the appropriate next step in improving their cyber risk.
The Hartford offers 24/7 access to a data breach preparedness website for easy-to-understand prevention and response guidelines that outline the steps businesses can take to help prevent a cyber event. For larger cyber liability policyholders, The Hartford’s Cyber Security Services provide a holistic solution that helps you effectively manage cyber risks, as well as take action when the inevitable cyber event occurs.
Does Your Business Need Cyber Liability or Data Breach Insurance?
Most business owners understand that the personally identifiable customer information they have on their computers is a target for hackers and that their online presence leaves them open to liability claims. However, far fewer take adequate measures to protect their business. Here are some example scenarios where a businesses could benefit from cyber liability or data breach insurance:
- The business has a network that their employees all save data on, which is helpful but also puts the entire operation at risk should a computer virus work its way in.
- The business keeps customer/patient records such as medical histories, credit card, bank account and Social Security numbers in its database – which is a target for hackers.
Cyber or Data Breach coverage is now the fastest Growing Claimed coverage we see from businesses
What does your cyber policy cover?