Walker & Associates: Insurance Protection for Cyber Risks
At Walker & Associates, over the last six decades the hallmark of our success in serving businesses throughout Central Indiana is our dedication to protecting the value of our clients’ firms, including their property, assets and the people they employ. This means securing a comprehensive, affordable insurance plan that addresses your operation’s exposures. It also means looking at emerging trends that can potentially jeopardize your business. One of these trends is the risk of cyber liability that affects all types and sizes of businesses across all industry sectors.
To address the threat of data breaches and network security risks, Walker & Associates offers Cyber Liability insurance, designed to respond in the event your company is the victim of a criminal hacker, rogue employee, or third-party vendor failure that results in a loss. Cyber losses can be quite costly. There is the expense of notifying affected customers, the forensic costs to pinpoint how a breach occurred, crisis management and PR fees, credit card monitoring and much more. Regardless of the size of your corporation, the expenses incurred can be financially devastating to organizations that find their sensitive customer or employee information compromised.
What Does Cyber Liability Insurance Cover?
It’s important to note that a General Liability insurance policy will not cover your firm for cyber exposures. That’s why a separate Cyber Liability insurance policy is needed. A policy can be customized depending on your business exposures and needs to provide coverage for the following:
- Liability for security or privacy breaches. This includes the loss of confidential information by allowing, or failing to prevent, unauthorized access to computer systems.
- Costs associated with a privacy breach, such as consumer notification, customer support and costs of providing credit monitoring services to affected consumers.
- Costs associated with restoring, updating or replacing business assets stored electronically.
- Business interruption and extra expense related to a security or privacy breach.
- Liability associated with libel, slander, copyright infringement, product disparagement or reputational damage to others when the allegations involve a business website, social media or print media.
- Expenses related to cyber extortion or cyber terrorism.
Securing Cyber Liability insurance requires the expertise of professionals like Walker & Associates. We will help you secure the right policy for your business. We will also evaluate your risk management procedures to mitigate your exposures and review your disaster plan in the event of a loss. This will assist in improving your risk profile with an insurance company for coverage.