In today’s technological world, cyber security is becoming an increased risk for all businesses. Whether you own a small boutique, assist with a nonprofit organization or manage a Fortune 500 company, your business is vulnerable to a data breach or cyber attack. Cyber attacks are becoming more common and increased by 62% in 2014, according to Symantec Internet Security Threat Data.
All it takes for a security breach to occur is a laptop or paper records to be lost or stolen, accidentally sharing or losing of personal information, a determined hacker or a virus attack. The costs associated with these events can accumulate quickly to cover legal defense, settlements, lost business, notification costs and more.
McLean Insurance understands the severity of cyber threats and offers cyber liability insurance solutions to help protect your business assets. We create custom policies based on each businesses situation, size and needs. Coverage options include, but are not limited to:
- Third-party (liability) and first-party coverage – provides protection to the insured for liability to others & reimbursement for expenses incurred
- Worldwide coverage – applies to claims made or events occurring anywhere in the world
- Defense option – option to select duty to defend or reimbursement coverage at policy inception
- Extended reporting period – related to crisis management and security breach expense coverage
- E-commerce extortion coverage – applies to expenses to deal with the threatened compromise of your network or data
- Business interruption coverage – involving expenses and lost revenue due to a computer virus or denial of service attack that impairs your computer system
- Communications and media coverage – in regards to content in any electronic format, including websites, electronic mail and social media
- Coverage for crisis management event expenses – covers public relations services
Some may assume that only large companies are targeted however 1 in 5 small businesses, with less than 250 employees were attacked in 2013*. A cyber attack or data breach can be devastating to any business. Is your business prepared?
To discuss or create a custom Cyber Security Insurance Policy with a McLean Insurance agent, please call 703-790-5770 or learn more by visiting: http://www.mcleaninsurance.com/services/corporate-insurance/cyber-security-insurance/
*NetDiligence® 2013 Cyber Liability & Data Breach Report