Data Privacy Insurance offers multi-faceted protection for both the expenses and the legal liabilities associated with data security and privacy breaches.
The costs of a data breach incident mount quickly. When personally identifiable information (PII) or personal health information (PHI) in your care is compromised, you may be legally obligated to alert those impacted by the breach. There are 46 U.S. States that currently require businesses to notify consumers when their data is lost or stolen. Federal law (HIPAA) also requires notification if personal health information (PHI) is lost or stolen.
Types of Coverages Available
Cyber insurance, with data breach response services (aka “data privacy insurance”).can help organizations of all sizes, industries and sectors be better prepared to weather the financial storm of a data breach.
While insurance coverages vary by insurance carrier, broad insurance coverage can be found for the expenses associated with a data breach incident, including:
- compliance with data breach notification laws
- securing legal counsel to advise on incident response
- providing credit file monitoring to victims
- hiring forensic experts to investigate the breach
- paying regulatory defense and penalties from privacy law violations
- extensive coverage for legal liabilities including those arising from failure to comply with state breach notification laws or privacy policies and/or to
- administer a government-mandated identity theft prevention program.
Beyond Data Breaches
Cyber/data breach insurance can also provide coverage for media liability arising for electronic content on your website, and can be tailored to protect your business against additional information security-related expenses.
Today when a data breach happens, if an organization is not prepared for the costs incurred due to the breach, it can drain capital that can be used elsewhere. Cyber/data breach insurance helps to mitigate such costs and should be a consideration for all businesses and organizations that collect, store and transmit sensitive (PII) and confidential consumer or patient data (PHI).
Let our Experienced Cyber Insurance Experts Help
Our cyber insurance experts can help your business or organization customize a cyber/data breach insurance policy and help you make the right choices about how cyber/data breach insurance can help you respond to a security and/or data breach incident. Learn more about Cyber Data Risk Managers LLC.
Request your Cyber/Data Breach Insurance Quote below
For assistance, please complete the form below to learn how a Cyber/Data Breach Insurance policy can help you be prepared for a network security or a data breach event. Or call 1 + (855) CUT-RISK.
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