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Increasingly you hear stories of cyber breaches that have compromised companies and exposed millions of supposedly secure records. It is no surprise that American businesses large and small are worried. Cyber threats are a top concern. Travelers Business Risk Index highlights who is concerned and what they worry about most.

What are the most common ways data gets compromised?
According to Verizon, the most common cyber attacks involved network intrusions exploiting weak or stolen credentials (76%), hacking (52%), malware (40%), physical attacks (35%), social tactics or engineering (29%) and misuse or abuse of privileges (13%).1

Is all cyber insurance the same?
No.  Each insurance policy may be materially different, and it is essential to work with your advisor about tailoring a Cyber Insurance policy to fit your needs. We offer superior services backed by our carriers financial strength, underwriting experience, and superior claim services.

What standards apply to data privacy?

There are a variety of Consumer Protection Laws and standards in place that address handling private and confidential data of others, including such examples as:

47 State Data Breach Laws
USA Patriot Act
Children’s Online Privacy Protection Act (COPPA)
Health Insurance Portability & Accountability Act (HIPAA)
Health Information Technology for Economic & Clinical Health Act (HITECH Act)
Gramm-Leach-Bliley
Sarbanes-Oxley
Federal Information Security Management Act (FISMA)
EU Data Protection Directive
California Data Breach Protection Act (SB 1386)
Payment Card Industry Data Security Standard (PCI-DSS)
 

What should I do to prepare against cyber risks?
It is the business or organization's responsibility to protect its assets—which includes its data. Including the security of sensitive records and information as a category of managed risk is smart business and cyber liability insurance is a critical part of your plan that can help mitigate the associated expenses of a cyber attack or data breach.

The Insurance Loft understands the complexity of cyber threats. No matter the size of the business, we have specialized cyber coverages and risk solutions that can help organizations be protected and prepared. Find out more. Contact us today at [email protected] or call us toll-free at 1-800-409-9790. Talk to you soon.