Cyber Liability Insurance
To understand the extent of cyber crime, you need only turn on the evening news to hear about the latest unprecedented theft of personal data. What you don’t hear is how big of an impact cyber crime is having on smaller regional businesses, including the theft of client data, phishing scams that put your finances at risk, ransomware attacks holding your data hostage, and more. Large firms spend millions to protect their client’s data, making a large scale data breach more difficult – but cyber criminals understand that smaller firms are less likely to have the same level of defense protecting their information, yet have the financial means to be a viable target.
Several clients of Levitt-Fuirst have been targeted, successfully and unsuccessfully – and we feel EVERY commercial client should have a cyber liability policy in place to protect them in case they are the next target.
The Coverage
A Cyber Liability Policy contains a wide range of 1st and 3rd party coverages designed to protect your firm from many different types of claims. Social Engineering, Security and Privacy Liability, Breach Event Costs, and Dependent Business Interruption are a few of the coverages offered under a standard Cyber policy.
One unique aspect of Cyber Liability coverage is that the carrier becomes a partner in your cybersecurity program. Unlike other traditional lines of insurance, a cyber carrier depends on pre-breach risk management, training webinars, employee training, and other opportunities to lessen the risk of having a cyber incident, and to limit the damage associated with a breach. Should you have a data breach, most cyber liability carriers will offer personalized claim handling, a recovery and restoration team to close the holes in your security where the breach occurred, a forensic team to figure out whose information may have been stolen, and a plan of action to meet all legal and notification requirements.
The Cyber Liability Market
Levitt-Fuirst works with a large number of insurance carriers to find the best cyber coverage for your firm. A technology firm has different needs from a financial firm, and a construction company has different risks than a property management firm. Although all businesses share some general risks (ransomware, data theft, destruction of data), there are unique industry and regulatory requirements that each business must account for. Levitt-Fuirst works with you to find the best policy to protect you, taking your unique situation into account.
Contact your account representative for more information, or call us at and ask to speak with someone about Cyber Liability Insurance. If you ever have a claim, you will be VERY glad you did.