Cyber Liability Insurance for Businesses ?
Cyber risk solutions
Data breaches are complicated and costly. In 2017, our annual survey of business owners found that:
- 58% had experienced a cyber attack
- More than 20% of those victims spent at least $50,000 and took longer than six months to recover
- 7% spent more than $100,000
- 5% took a year or longer to rebuild their reputation and customer trust
With cyber attacks becoming more frequent, there’s a growing chance that a business like yours will suffer a data breach or computer attack.
That’s why you need protection to help offset the devastating effects it can have on your business from a financial and reputation standpoint.
Along with cyber insurance coverage, you have access to experts to guide you through compliance with state breach notification laws to avoid fines and penalties.
Expenses that are typically covered include costs associated with:
- Notifying customers about a data breach
- Providing credit monitoring services as required by some states
- Setting up a call center for affected individuals to obtain additional information and sign up for credit monitoring
- Protecting your electronic data and computer systems from damage and computer attacks\
- Assisting with any associated legal expenses
Cyber Liability Coverages and Services
- Data compromise protection
- Identity recovery protection
- CyberOne protection
Data compromise protection covers employee and customer information in the event of a hacking, physical theft of electronic data or hard copy files, procedural errors or fraud. Data compromise protection includes:
- Legal reviews
- Forensic information technology services to help determine the nature and extent of an electronic breach
- Personal services for those affected, including a helpline, credit monitoring and case managers for victims of identity fraud
- Services provided by a professional public relations firm to review and respond to the potential impact of the data compromise
- Legal defense costs
Loss Control and Risk Management
When you insure your business with Nationwide, you get access to our risk management resources, including eRiskHub. With eRiskHub, you’ll get a better understanding of your data information exposures so you can be prepared for a cyber attack or data breach.
Key Features of eRiskHub Include:
- An incident response plan roadmap, which provides suggested steps to take following a cyber attack or data breach
- Online training modules on privacy best practices and red flag rules
- Risk management tools, including self-assessments and state breach notification laws
- An eRisk resources directory
- A news center with cyber risk stories, security and compliance blogs, security news, risk management events and helpful industry links
- A learning center with best practices and white papers written by leading authorities