Cyber Liability Insurance In Action For Your Clients

By Jason Boney, Head of Sales at Cysurance

In today’s connected world, standalone cyber liability insurance offers valuable protection to almost any client, regardless of their business. If your clients have a website, a corporate network, social media accounts and email, or if they store employee, vendor or customer Personally Identifiable Information (PII), they are open to cyber risk. Unfortunately, their traditional property and casualty insurance policies may not adequately protect them.

Let’s take a look at a few cyber loss scenarios that could potentially put one of your clients out of business.

Coverage for Incident Response Fees

When a healthcare organization attached the wrong file to an email, it inadvertently exposed the data of 43,000 former employees, including names, addresses, and national ID numbers. Fortunately, the company had cyber insurance and was able to quickly enlist an incident response coach and legal services to manage regulatory implications. The carrier eventually reimbursed that healthcare provider for nearly $250,000 in incident response fees, defense and settlement costs, notification expenses, and ID monitoring services.