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Cyber Liability Insurance
Are you concerned about your organization’s Cyber, Privacy and Data Security risks?
Cyber risk is now a major threat to businesses. Today, it’s become a matter of how a company manages and responds to cyber risks that counts. Companies need to make decisions around which cyber and data risks to avoid, accept, control or transfer. Data not properly managed can quickly become a liability and an expensive direct cost to your company. When a data security breach or a cyber attack happens, you’ll need comprehensive cyber insurance protection to help respond.
Any submissions or payments made via this website do not constitute a binding agreement to your policy or coverage(s). Changes and payments to policies are not effective or binding until you, or any party involved, receive official notice from either your insurance agent, or your insurance company.
Businesses today face greater risk than ever before when it comes to cyber threats.
If you’re a small business, you may think your business doesn’t pose a tempting target to cyber attackers, but you’re likely mistaken.
In fact, 43 percent of cyber attacks affect small businesses, Small Business Trends. And in the 12 months ending May 2016, 55 percent of the small business respondents revealed their company had a cyber attack within that period.
The good news is that cyber liability coverage can help protect your business from the financial and public image devastation cyber attacks can bring about for your business.
Here at BHI Insurance Associates, we understand the evolving nature of business insurance needs and protections. We’ve been meeting the insurance coverage needs of New Jersey businesses for more than 50 years and will work tirelessly to help you find the cyber risk insurance that affords you the greatest possible protection for your business without breaking the bank.
What is Cyber Liability Insurance?
Businesses that accept certain personal, medical and financial information about their customers are responsible for protecting the information they’ve been entrusted with.
When cyber breaches occur, and that information about your customers, employees, etc. becomes compromised, the results can be catastrophic. Some people may have their accounts hacked and savings stolen away from them.
Others may have their identities stolen because of breaches, causing a wide range of personal, legal, and financial woes. All this is in addition to the frightfull invasion of privacy suffered.
When these types of things happen because of data breaches and hacking done to your business, victims of the breach may decide to sue you individually or ban together to create a class action suit against your business.
Worse than that, the name of your business becomes associated with weak security, which erodes public trusts and costs you customers.
Cyber security insurance helps do the following:
Covers the costs of your legal defense.
Pays for judgments against your business.
All of this is up to the policy limit, of course. Which is why it is so important to work with a trusted name, like BHI, to identify the level of risk your business faces, and the best type and amount of protection your business requires.
Does Your Business Need a Cyber Insurance Policy?
Most businesses today need cyber liability protection. Small businesses are attractive targets to cybercriminals looking for easy access to fast cash through hacking. If your business does any of the following, you need cyber insurance coverage:
Accepts credit cards, debit cards, or electronically processed checks.
Conducts business on the web, through email, or via cloud services.
Stores customer or employee information on business computers.
These three qualifiers alone account for most of today’s businesses. In other words, your business can’t afford to be without this invaluable coverage.
Why are Small and Medium-Sized Businesses Attractive Cyber Targets?
While the big box store cyber-attacks make the news when data breaches occur in their ranks, the small and medium-sized businesses bear the brunt of threat for these types of threats.
One reason is that you lack the funds to invest in cyber security the major corporations spend each year to protect their cyber interests. The other reason is that more hackers will attempt to breach your security because they believe you pose an easier score for them.
Cyber hackers are still criminals, and most criminals want the path of least resistance to easy money. The odds of success are simply in their favor if they attack “softer” security targets, like the average small business.
Will Cyber Risk Insurance Eliminate Your Risk?
There is no such thing as a foolproof plan to fend off cyber-attacks. The purpose of having a cyber insurance policy is not to eliminate attacks altogether, but to reduce the financial devastation your business faces if one occurs.
We will help you choose the right policy to meet your business need no matter what size business you operate.