Call us today: 720-800-9495
Call us today: 720-800-9495
The last several years have seen criminals employing more sophisticated methods to steal data from businesses for monetary gain. Indeed every business is at risk of a cyber loss – from professionals working remotely to the construction industry, which handles vast amounts of information including employee data, credit card information and intellectual property. In addition to large enterprises, small and midsize companies are vulnerable to data breaches, phishing tactics and social engineering designed to trick employees into erroneously wire transferring money and hold a business’s computer network hostage until money is paid.
Mountainside Insurance Management offers cost-effective, tailored Cyber Liability solutions that respond to today’s evolving threats that can potentially compromise a company’s customer and employee data, shut down an operation by infecting its network system, and damage a firm’s reputation.
It’s important to note that no two Cyber policies are the same and should be tailored to fit your business’s specific exposures. In general, Cyber Liability insurance can be designed to cover the costs that come with a data breach, including forensic analysis of your data and systems, notification to all affected parties, credit monitoring, crisis management and PR, business interruption as a result of the breach, regulatory investigation and fines and penalties, and legal defense and liability should you be sued by a third party. A policy can also be designed to include ransomware and social engineering, too. In addition, Business Interruption insurance can be included to cover loss of income as a direct result of the cyber event.
Our staff will review your exposures and determine the right policy for your business.
Cyber liability typically covers costs from a data breach or cyberattack, including forensic investigation, customer notification, credit monitoring, legal fees, regulatory fines (where insurable), and business interruption from a network outage. Many policies also cover cyber extortion and ransomware payments, subject to policy terms.
Generally, no. Most General Liability policies exclude or sharply limit coverage for data breaches and cyber incidents, and many now include explicit cyber exclusions. A standalone cyber liability policy is typically needed to cover the specific costs associated with a breach or cyberattack.
Yes — small and mid-sized businesses are frequent targets specifically because they often have weaker security defenses than larger companies while still holding valuable customer and payment data. Attackers increasingly use automated tools that don’t discriminate by company size.
First-party coverage reimburses your own direct costs from an incident, like breach response, business interruption, and system restoration. Third-party coverage covers claims and legal costs if customers, vendors, or other parties sue you because their data was compromised through your systems.
Many cyber policies do cover ransomware extortion payments along with the associated negotiation and forensic costs, but coverage terms, sub-limits, and requirements (like mandatory use of an approved incident response vendor) vary significantly by carrier, so it’s worth reviewing the specific policy language.
Insurers increasingly require or reward specific security controls, like multi-factor authentication, employee security training, regular data backups, and endpoint detection software, when underwriting cyber policies. Demonstrating strong security practices can both improve your eligibility and lower your premium.
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