The average cost of a data breach is $204 per lost record, with more than half of such costs attributable to lost customers and the associated public relations expenses to rebuild an organization’s reputation. Let’s say you have 1,000 customers, that’s over $200,000! Would your company survive a data breach?
At Engle & Associates, we offer cyber liability with:
- First party protection – loss of digital assets, non-physical business interruption, extra expense, cyber extortion, cyber terrorism, and security event costs
- Third Party Protection – network security and privacy liability, employee privacy liability, and electronic media liability.
- Coverage for loss resulting from administrative or operational mistakes
- Breach of Privacy coverage – includes damages resulting from alleged violations of HIPAA, state and federal privacy protection laws and regulations
- Coverage for expenses resulting from a breach of consumer protection laws such as the Fair Credit Reporting Act (FCRA),the California Consumer Credit Reporting Agencies Act (CCCRAA) and the European Union (EU) Data Protection Act
- Customer Notification Expenses Coverage (via sub-limit) – reimburses for costs to notify and provide 12 months of credit monitoring
- Coverage for acts of a rogue employee causing intentional damage to the Insured’s computer network
- Public Relations Expenses coverage to repair company reputation after data breach Customer Notification Expenses include legal expenses, credit monitoring expenses, postage and advertising costs
- Privacy Breach definition extends to acts of the Insured and acts of a service provider acting on behalf of the Insured