Attention! Business Data Leak/Hack

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  1. Attention! Business Data Leak/Hack! A reminder: As of May 1, 2014, the Insurance Services Office requires agents handling comprehensive business insurance to include…
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  • 1. Attention! Business Data Leak/Hack! A reminder: As of May 1, 2014, the Insurance Services Office requires agents handling comprehensive business insurance to include an endorsement to each policy excluding data breach liability coverage. An endorsement is a separate document attached to a policy that legally changes the terms. In a nutshell, your standard commercial general liability policy will no longer cover data-related liability.
  • 2. As a business owner, you should be aware of this change before it is too late. Your general liability policy will not cover damages to your company caused by data breaches leading to confidential or personal information leaks. As such, the purchase of a separate Cyber Liability Policy is essential for businesses that rely on electronic data. This type of data can include: ➢ Customer orders ➢ Customer lists ➢ Confidential payment information ➢ Company tax documents ➢ Company employee records ➢ Company banking information
  • 3. A cyber liability policy is specifically designed to cover expenses related to managing data breaches. Expenses to the company can include: • Cost of investigating the breach • Data fixes • Remediation of the current computer operating system • Notifying customers • Public relations Contact a business insurance agent today to ensure your business insurance portfolio includes a separate cyber liability policy.
  • 4. www.quoteshark.net Alabama
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