Looking for Cyber Liability Insurance? Welcome to San Tan Insurance! We work with many Insurance companies serving all of Arizona, and are located in downtown Gilbert.
Call (480) 391-3883 for a quote to insure your business.
We research the best Cyber Liability Insurance rates and coverage options.
Cyber liability insurance is a relatively new type of insurance policy. It came about in response to data breaches around the country. Thieves are after a variety of information, including your customer’s credit card information, the personal details of your employees, and much more.
What Is Cyber Liability Insurance?
Cyber liability insurance covers both property and liability losses for businesses that engage in any type of electronic activity. This means pretty much any organization, not just large corporations. Even if your company doesn’t have an online presence, it likely does at least one of the following electronically:
- Accepts payments via a POS system
- Maintains customer records
- Maintains employee records
A cyber policy covers liability in the event of a data breach exposes your employees’ or customers’ personal data. This includes credit card information, Social Security numbers, birthdates, and more.
What Is Your Liability in the Event of a Data Breach?
The Federal Trade Commission (FTC) created the Data Breach Response guide to explain your responsibility in the event of a breach. The full details are in the link, but the following summarizes the steps you must take:
- Secure your operations, including identifying the source of the breach and guarding against further data loss
- Address vulnerabilities, which may include changing service providers and hiring a forensics expert to address weaknesses
- Notify parties involved, including those whose data was stolen and law enforcement
These are time-sensitive requirements. They also aren’t free. Even the items that can be completed in-house come at a cost of time – time that could be spent running your business.
Are Cyber Liability Insurance and Technology E&O the Same?
No. Technology E&O is a type of errors and omission policy designed to protect organizations that provide tech products and services. This includes web designers, companies that design and/or manufacture software and hardware, and organizations that store data offsite.
Are you ready to learn more about how cyber liability insurance can help your business? Call 480-391-3883 today. Or, complete our contact form and we’ll get back to you as soon as possible.