Gone are the days of paper books, files and Rolodex contacts. The digital age is in full force. Technology has made our lives, in business as well as personal, far more efficient. With that efficiency and ease unfortunately also comes risk.
Computer networks, no matter how well secured, can potentially fall prey to hackers. Once accessed, client and private business information can be breached. Potential loss from cyber security breaches can cost your company dearly.
The average data breach costs a company $154 per record. With a database of just 10,000 clients that is a potential breach of $1,540,000.00 in a single hack. Is your company ready?
It is important to be prepared. Not only prepared with proper security but also backing that up with cyber security insurance. This type of insurance transfers some of the financial risks of a breach away from the business and over to the insurer. Cyber security insurance typically covers damage to digital assets, business interruptions, network damage and if stipulated, damage to your reputation.
Q: What is Security Breach Response Coverage?
A: Security breach response coverage reimburses the insured for certain costs incurred due to a breach of personal, nonpublic information belonging to their customers or employees.
Q: Are notification costs covered on an individual basis or on a limit basis?
A: It depends on the carrier. Some carriers provide notification expense on a per individual loss basis, while other carriers provide this expense coverage with an aggregate limit loss.
Q: What is “PCI-DSS Assessment” coverage?
A: The Payment Card Industry Data Security Standard (PCI-DSS) is a collaboration of the major credit cards as a means of bringing standardized security best practices for the secure processing of credit card transactions. This coverage covers for penalties and fines assessed by this governing body.
Still have questions? Give us a call.
Centennial Insurance Services agents are experts in the field. They get to know your business and care about providing the best advice and insurance packages.