Data Breach / Cyber Liability Insurance
Identity Theft is the fastest growing crime in America. Once Non-Public Information is sold into cyber space, it will be bought and sold many times, creating a potentially unlimited liability situation. The five most common areas of Cyber Liability are loss of: 1) Social Security Number, 2) Medical Records, 3) Financial Information, 4) Driver’s License Number and 5) Character/Criminal Records.
Not only could you be responsible for the unlimited dollar amount that you can be sued for under civil liability, but also for federal and state fines.
Because of the involvement of Organized Crime Syndicates, new laws have been enacted. FACTA (Fair and Account Credit Transactions Act) and other new Data Breach laws and their penalties may now apply to your business
The FACTA and new Data Breach laws will require your business to implement the following plans:
- Appoint an Information Security Officer
- Develop a written plan and policy to protect Non-Public Information of your employees, clients and vendors
- Train employees on the company’s written policy
- Have a mitigation plan in place that repairs the financial damage caused through the data breach
Wine Sergi Can Help You Protect Your Firm
Wine Sergi can help you develop a strategy to protect your business as well as your employees’, clients’ and customers’ Non-Public Information. Coverage is available through a “Privacy Protection Policy”, (often referred to as “Cyber Liability” Insurance), which can be designed to address the FACTA and new Data Breach law exposures.
Please note: Coverage for Data Breach/Cyber Liability is NOT provided through your General Liability or Umbrella policy
To learn how Wine Sergi can assist you with Data Breach and Cyber Liability Insurance, please contact us today