Data Breach Insurance
The Lawton Insurance Cyber Liability Division specializes in Cyber-insurance, also known as Data Breach Insurance. We believe that data is both the most valuable and most underinsured asset in our economy today. Data has become one of the most precious assets a business has, and the risks involved in holding and maintaining that data have increased exponentially.
Recent data breaches at highly tech-savvy companies underline the exposure that companies, no matter how well defended from cyber-attacks, face. While many companies have taken extensive steps to prevent data breaches, it has become clear that no matter what security they put in place, hacking and other malicious attacks can result in the release of sensitive information or damage to systems and data.
… no matter what security they put in place, hacking and other malicious attacks can result in the release of sensitive information or damage to systems and data.
What do you do if customer data is breached and you were responsible for Forensic IT costs, customer notification costs, credit monitoring and other expenses, even if the breach didn’t result in verifiable losses to your customers? What if one of your vendors’ files is breached? Will your policy cover you against the impact to your business of these expenses? Will it pay to defend your reputation in the wake of such a loss? Costs can easily rise into the millions. We specialize in protecting your data assets.
Cyber coverage is designed to protect a business from:
Liability associated with:
- Unauthorized release of confidential information
- Violation of a person’s rights to privacy
- Personal Injury in an electronic/social media environment
- Intellectual property infringement
- Violations of state and federal privacy laws
Types of breaches:
- Hacker Attacks/Unauthorized Access
- Virus/Malicious Code
- Denial of Service-e-Extortion (Ransom-ware)
- Physical Theft of Device/Media
- Accidental Release
- Employee/Vender Error
- Rogue Employee
- Social Engineering