Doing Business in a Wired World
New technologies require new coverage
You work hard to earn the trust of your customers and you’re equally diligent in maintaining that trust. They trust that their personal information will remain confidential. In 2014, the cost of lost business from a data breach reached a staggering $3.2 million. This included abnormal turnover of customers, increased customer acquisition activities and reputation losses and diminished goodwill.
Beyond the long-term financial effects there is the immediate liability exposure you face when your client’s personal information is compromised. While there are no 100% proven effective solutions, there are ways you can offset the negative effects it can have on your businesses financial strength and overall reputation.
Who Needs Cyber Insurance?
Any and every company that uses a computer to collect and store the personal information of their customers should have Cyber Insurance. Studies have revealed that 55% of small businesses throughout the United States have experienced at least one data breach while 53% have experienced multiple breaches. It’s a real and ongoing threat for today’s businesses.
Lussier Insurance provides Cyber Insurance that helps to alleviate the negative results caused by a data breach or computer attack. Some cyber insurance providers offer comprehensive cyber risk solutions that include data security coverage and services that help notify customers when a data breach occurs. They can provide professional assistance with restoring personal identities. Certain Cyber Insurance policies may also cover related costs such as legal expenses.
Data Compromise Protection may be a part of your Cyber Insurance protection package. Data Compromise Protection covers employee and customer information in the event of hacking, physical theft of electronic data files and even procedural errors or fraud. It may also include costs of legal defense, personal services for those affected and other benefits.
Identity Recovery Protection helps to identify victims of fraud and offers assistance in restoring credit histories and identity records to pre-theft status. It may also provide expense reimbursement for lost wages, legal fees and more.
Protect your customers, your employees and your business with Cyber Insurance from Lussier Insurance.