Recovering from A breach incident
Data Breach Target Response Plan and Cyber Liability
Handling customer information presents a unique challenge.
The number of cyber liability incidents and data security breaches continues to rise, making it more important than ever for business owners to have the appropriate insurance coverage in place.
A breach may have a serious impact on your businesses ability to function. You could face unexpected legal, IT forensic, and notification expenses and risk losing the faith and trust of your customers. There are federal and state reporting obligations to be met, liability for exposing personally identifiable information, possible fines and the ever present risk of cyber extortion.
Leaving you with the next step of having the right coverage in place.
Targeting An Expanded Circle
Increasing attacks are exploiting vulnerabilities of a target’s family members or inner circle to obtain sensitive personal or financial information about the target, or to help create the appearance of possessing more sensitive material.
Teenage children active on social media have long been recognized as a vulnerability especially on newer social media platforms. However sophisticated attackers are gaining access to the high-net-worth set by targeting their elderly parents who may be less savvy and more vulnerable to both hacks and social engineering scams.
What if you are targeted?
Victims of targeted extortion threats face tough decisions, including whether or not to pay the extortionists, to involve the police or cyber security experts.
Legal remedies are a consideration and enforcement agencies have powerful tools like subpoenas and search warrants. But their resources are often stretched thin, and legal remedies aren’t much help if the extortionists are overseas or using technologies to hide their identities. Victims may be reluctant to involve law enforcement due to the sensitive nature of the threat.
Recovering from cyber extortion
Cyber coverages can reimburse costs like crisis and reputational management, relocation costs, tutoring costs, lost work, digital forensics and legal fees which can be substantial, especially if the private business or personal data of customers, vendors or others is involved .
The best approach is prevention
The best approach is preventing cyber extortion in the first place and there are many tools available to help, often included in cyber insurance policies.
That’s where the Jackson Insurance Services steps in to evaluate the insurance marketplace for the best carriers to match your needs. As a brokerage we can offer many trusted carriers like Farmers® Cyber Liability and Data Breach Response coverage.
What Farmers can provide with the coverage:
Up to $1 million aggregate annual limit
Information Security and Privacy Liability
Privacy Breach Response Services
Regulatory Defense and Penalties
Website Media Content Liability
Payment Card Industry (PCI) Fines, Expenses and Costs
Network Business Interruption
Free data security risk management services provided to policyholders at Farmers.Breachsolutions.com
It’s important to remember your organization has specific needs which may change over time.
Farmers Business Insurance can help protect you from the risks you face as a business owner. Contact Jackson Insurance Services for a customized insurance quote for your organization.
We offer different carriers which is why we can get the best coverage for our clients.
*Not all coverages and/or limits available in all states. Restrictions may apply. FARMERS® CYBER LIABILITY AND DATA BREACH RESPONSE
In Review of McGoran, Jonathan. “Excutive Cyber Extortion an Evolving Threat.” Risk & Insurance, May 2019, pp. 42–44.