Are your commercial clients at risk for a data breach?
A data breach can happen to any business that collects, processes, manages or stores sensitive personal information. High-tech businesses may be most at risk, but even retail businesses keep data a thief can exploit. In the aftermath, business owners could face significant financial exposures including the cost of investigation, client notification, credit monitoring and possible regulatory fines and penalties.
Cyber Liability insurance can help protect your clients from potentially severe effects of a broad range of third-party liability and first-party risks associated with data privacy and network security, including:
- Hackers
- Malicious software
- Rogue employees
- Hardware theft
- Employee error
Cyber Liability coverage is available for eligible Motorists Mutual policyholders as well as eligible Wilson Mutual policyholders in Wisconsin and Phenix Mutual policyholders in Rhode Island and South Carolina. A Cyber Liability flyer is available for order.
Coverage highlights include:
- Data privacy liability
- Network security liability
- e-Media liability
- Notification and monitoring expense
- Crisis management expense
- Data privacy regulatory expense
- Cyber investigation expense
Social engineering, or cyber deception, is another growing area of concern for most business owners. This involves multiple tactics being used to gain access to the business owner’s bank accounts and/or customer information. Various coverages are available to address the social engineering exposures that exist in business today.
Some of the social engineering tactics that may be included in our coverage are:
- Baiting
- Phishing
- Ransomware or scareware
If you have questions about Cyber Liability coverage, contact your district sales manager or commercial underwriter.
When Motorists Insurance Group is not able to offer a Cyber Liability solution, MCM Agency has access to multiple carrier cyber liability solutions designed for a small start-up up to the largest, most complex accounts. If you have a client that needs coverage and would like to discuss options, contact Mike Styba or Ted Peters at MCM Agency.
Mike Styba 952-939-4539 mike.styba@mcminsurance.com
Ted Peters 952-930-2262 ted.peters@mcminsurance.com
This article does not imply any actual coverage.