Cyber Security Liability

Cyber Security Liability insurance coverage helps organizations recover from accidental damage or destruction of electronic media, administrative or operational mistakes, and computer crime and computer attacks.

All 50 states, including the District of Columbia, have enacted legislation requiring private entities to notify individuals of security breaches of information involving personally identifiable information. The costs to properly and promptly notify, commonly in writing, and disclose the breach can be at least partially offset with the proper insurance coverage. In most cases, organizations are also responsible for providing credit monitoring services to those affected which can quickly and dramatically increase the monetary impact of this growing exposure. The average data breach cyber claim costs nearly $700,000.

Examples of Personally Identifiable Information (PII) include:

• Name
• Social Security Number
• Passport Number
• Driver’s License Number
• Financial account numbers
• Personal Identification Numbers (PINs)
• Street address or e-mail address
• Phone number
• Other associated data that when alone may not be able to identify an individual but when associated with other data leads to identification (e.g. computer IP addresses)