Cyber Insurance: Don't Go Without It!
The Case For Cyber Liability Insurance
Our increasing dependence on the Internet, email, and online databases may make us more efficient, but it also puts us at increased risk of sensitive materials falling into the wrong hands. Technology is changing daily and the ways in which information is collected, distributed, and even hacked, can change from one day to another.
Cyber Insurance is rated based on the amount of information at risk – number and size of records,nature of records, type of business or service provided, and revenue. Coverage differs from carrier to carrier, but these policies typically address both prevention (“pre-event”) and reaction (“post-event”) to data security breaches, and they often include valuable loss control and risk management services.
The value of digital data is often overlooked – until it is compromised. To better understand informational and digital assets, think of them as you would physical assets in any other risk management scenario. Having a full grasp and inventory of information collected, stored, or managed is the key to being prepared for any breach event. Contact the experts on Cyber Liability Insurance at Pasadena Insurance Agency Inc and we will ensure you have the appropriate protection for your business.
Don't Let This Happen To You...
A data cache was found to have been installed in Company X's network. The purpose of the rogue software was to collect credit/debit card numbers as they were processed. The issue came to light when a large number of individuals noticed that unrecognized funds had been debited from their accounts. The bank traced the high number of disputes back to company X, where all the victims had also made legitimate internet payments, within the last 5 months.
Company X, launched an investigation and could not be sure how many card details had been compromised over the last 5 months, although, they were aware that thousands of transactions had been carried out. As a result, 3 major banks issued legal proceedings against Company X, for $10,000,000 in order to recover their losses. In addition, customer notifications and monitoring services had to be provided.
Following the breach Company X also had to call in forensic consultants to explore the extent and scope of the issue to prevent future occurrences.
You've Seen The Newspapers...
Restaurant owner is held responsible for his employees actions. It has happed too often, a waiter leaves the check, patron hands the waiter his credit card and the next day the patron starts getting calls from his credit card company asking about out of the ordinary charges. Little did the patron or restaurant owner know, but the waiter was "skimming" the credit card. Yes, the waiter was compromising customer credit cards and running fraudulent charges. The poor restaurant owner was clueless to the series of events that were occurring until he began received calls from the credit card companies informing him of these charges...last place of location, his restaurant. It didn't take long for him to notice a pattern and the culprit of the situation. Little did he know that he is responsible for the security of the credit card numbers and the impact on the reputation of his establishment.
However, you can avoid this type of unfortunate burden if you complete the quote form at the top of this page and let one of the experienced Cyber Liability Insurance agents at Pasadena Insurance Agency Inc properly protect and manage all of your risk.
Pasadena Insurance Agency, Inc. In Houston, TX
We have been serving the businesses of the Greater Houston Area since the Great Depression. Along the way, we earned an industry designation as a Trusted Choice® Independent Insurance Agency.
Complete the Free Quote Request form on this page, today. We look forward to a ‘no obligation’ discussion about what benefits you would like to provide for your business in the near future.