43% of Phishing attacks target businesses
60% of businesses closed within 6 months of a breach
Does your business need Cyber Protection?
If your business has any of the following characteristics, you are vulnerable to a Cyber Breach.
- Use of mobile technology (smartphones, tablets, laptops, PC)
- Do you engage external partners or vendors?
- Do you accept credit cards or other online forms of payment?
- Do you store confidential customer, partner, or other digital information?
What happens if your company gets hacked and you do not carry Cyber Insurance?
Your business insurance policy probably does not protect your company from damages caused by being hacked.
What kind of insurance is needed to cover damages caused by a hack?
A business needs to obtain Cyber Insurance that covers First Party Cyber Coverage and Third Party Cyber Coverage. Below are the exposures of First-Party Cyber Coverage and Third Party Cyber Coverage.
First-Party Cyber Coverage covers the policyholder from losses to their business that occur as a result of a data breach. It will cover things like:
- Data Loss
- Customer Notification
- Credit Monitoring
- Regulatory Counsel
Third-Party Cyber Coverage covers the policyholder from losses suffered by third parties, such as customers and clients, in the event that the policyholder unintentionally fails to protect the third parties’ sensitive information. It will include:
- Litigation Defense Costs
- Settlement Costs
Please feel free to call my office at 201-460-8400 ext. 302. We would be happy to discuss your company’s insurance needs and provide a competitive solution.
MERWIN & PAOLAZZI INSURANCE AGENCY, INC.
Michael J. Merwin, CIC, CPCU, CRM, CRIS President