With data breaches all over the news, small and midsize businesses need to manage their exposure to the financial risk that accompanies cyber threats. Data breaches come in many shapes and sizes. The average person hears "data breach" and probably thinks of hackers. But there are many kinds of cyber incidents, and most don’t come from malware or ransomware. Instead they are the result of insider data breaches, data theft by employees, and employee mistakes. Most business owners understand that personally identifiable customer information they have on their computers is a target for hackers and that their online presence leaves them open to liability. However, far fewer take adequate measures to protect their business. To mitigate the risk of civil litigation and other penalties when a data loss or theft occurs, our cyber liability and data breach report is designed to expose just how vulnerable your organization may be. The report not only identifies specific and detailed instances of personal identifiable information (PII) throughout your computer network that could be the target of hackers and malicious insiders but also calculates and quantifies the potential monetary liability. Additionally, the security of the computer is also examined to quantify the probability of a breach.

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With cyber-criminal organizations focused on the highest payout possible for their efforts, the lure of exfiltrating hundreds of thousands of records containing credentials, personal information, or health data to be sold on the black market means the focus is on breaching your organization’s security and, ultimately, your data.

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How to Calculate Breach Costs

Enter the number of customers' data that could be exposed and choose between three types of data breaches:

• Payment Card Industry (PCI) How much could a breach of credit card information cost?

• Protected Health Information (PHI) How much could losing patient data cost?

• Personally Identifiable Information (PII) How much could losing Social Security numbers or email addresses cost?

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In almost every industry vertical, servers remain the primary asset of choice for attacks2, giving organizations a clear choice in where to place their preventative and protective efforts. When it boils down, attackers are looking for one thing – files. Files that contain data of value, which includes:

• Credit card or bank details

• Personal health information (PHI)

• Personally identifiable information (PII)

• Trade secrets of corporations

• Intellectual property

• Credentials

Depending on the business processes of the organizations being attacked, this data can reside in databases, office documents, files used as part of data transfer operations, and more – making files (and, therefore, file access) the focus of a data breach.

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Cyber Insurance Coverage
Cyber extortion/ransomware covers expenses related to responding to cyber extortion. These expenses are similar to those covered under extra expense coverage. Business interruption insurance covers loss of income as a result of a disaster such as a data breach

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The role of Cyber and Data Breach Insurance
Insurance can't eliminate a data breach or be a replacement for data security, but it can provide a backstop of financial relief. Cyber insurance helps tame the significant costs of a cyber attack and/or data breach by offering coverage to help cover your costs. These costs can be extensive as you have to respond to, as well as minimize the damage of a data breach or cyber attack. The insurance can help to pay for the data breach notification and credit monitoring, forensics and investigations, business interruption, data recovery and repair, regulatory fines and penalties, and potential extortion threats.

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WHAT DATA IS AT RISK?
In simple terms, any data maintained by your business is valuable to someone. Whether it's stealing employee social security numbers to fraudulently establish new lines of credit or extracting other confidential information to sell on the black market, access to personal and confidential information can be easily monetized. Other types of data about your clients, or company trade secrets may be of value to competitors or cyber terrorist.

To protect individuals' personal information, strict requirements have been placed on businesses to pay the costs associated with responding to a data breach. The overwhelming costs and confusing legislative requirements make it difficult for businesses to overcome the fallout of a data breach without assistance.

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KEY FACTS
Malicious actors continually seek new security vulnerabilities to exploit and access valuable and sensitive information. Many companies believe privacy and data breaches won't happen to them, but three key facts stand:

Fact 1:
Breaches are bigger and more costly than ever before

Fact 2:
Every industry and size of business is at risk

Fact 3:
All organizations are susceptible to both internal and external threats

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Why purchase Cyber Insurance from Cyber Insurance

Simple and Affordable

Our easy to apply online application, and competitive rates makes it easy to get the peace of mind your business is covered.

Comprehensive Coverage

The Insurance plan is designed to be simple - easy to understand. The plan is one of the best available in the marketplace offering the broadest coverage available without pages and pages of typical coverage exclusions and fine print found in many insurance plans which typically have pages explaining what is EXCLUDED vs. what is COVERED

We are Specialists

We focus our expertise on Business Cyber and Data Risks. Our team, insurance carriers and partners have all been providing cyber and data breach solutions for over 15 years. We understand the changing risks that businesses face and have evolved our products and services to provide the best insurance coverage options and breach response services to meet the needs of today’s businesses.

Loss Prevention Services

We not only are there in the event of a loss… but we help provide tools and information that can help prevent

Client Portal

Clients have access to special web portal containing their insurance policy as well as Compliance materials and procedure forms. The portal also has information and resources to help you stay up to date with the evolving risks (powered by eRisk Hub® and NetDiligence®), and tools to help keep your employee’s informed with Workforce training (powered by BreachProtection™). The portal also can help you contain your exposure and provide easy access to a team of experts to help in the event of a breach.

Rapid Breach Response

When you suspect you have had a cyber or data breach simply make one phone call. We are on call for you 24/7/365 to react to the breach. We will leverage a global network of certified security agents and forensic experts who can be onsite or online with you to help you contain the situation and determine next steps.

Fast Claim Processing

Financial compensation is not all that is needed to deal with the new and evolving risks around cyber and data breaches. As a trusted partner in the event of a claim – we will not only assist to ensure you are paid quickly to the fullest extent of your policy when you suffer a loss, but we will also provide you with access to a team of experts who will actively work with you to minimize your loss and possible damage to your business.

Access to Experts

We maintain a worldwide network of cyber and data breach experts, privacy lawyers, and technical specialists who can offer expert support and guidance.

Membership in the CDSA

All clients receive a special reduced membership fee in the Cyber and Data Security Alliance. The CDSA is a national coalition of businesses who value the importance of being prepared for potential cyber attacks. Members have access to information and tools to help them prepare, protect, respond, and recover from a Cyber and Data Security Breach. More information may be found at www.CDSA.us

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