Cyber Liability Insurance Solutions Provided in Ohio
In today's digital age, your business's networks and data are essential to its success. Unfortunately, cyber attacks are growing more frequent and severe, threatening everything from your brand's reputation to employees' personal financial information. Coupled with regulatory requirements like GDPR, navigating this landscape can be daunting. At Parson Insurance Agency, we tailor our solutions to ensure your organization operates smoothly and securely.
Click And Learn
Crisis Management
Prior acts
Crime extortion
Error & Omission liability
Media coverage
Crisis management coverage
Risk Factors
A cyber attack on your computers can be harmful and you would become liable for the losses & expenses incurred.
Solution
Depending on the policy, coverage may include the cost of hiring an attorney, forensic accountant, computer expert, or public relations expert to assess the scope of the damage, determine whose data was compromised, help mitigate the loss, and protect the company’s reputation.
Prior acts coverage
Risk Factors
There can be instances where a data breach occurs before your policy’s effective date and You fail to get coverage for the same.
Solution
Prior acts coverage can be taken to help cover claims related to a breach that happened before your policy’s effective date.
Crime extortion coverage
Risk Factors
A data hacker can steal your confidential data and ask for a ransom in return. You will be liable to pay the ransom from your pockets.
Solution
This covers a ransom paid to a hacker who’s breached a company’s computer system and threatened to commit a nefarious act like damaging data, introducing a virus, initiating a DoS attack, or releasing confidential data unless the ransom is paid.
Error & omission liability coverage
Risk Factors
There can be instances where a cyber-attack caused due to the negligence of an employee may result in a data breach.
Solution
This covers claims against the business arising from negligent acts, errors, or omissions such as the failure to protect sensitive data, the failure to provide the notification of a data breach, or the failure to prevent a security breach that results in a DoS attack or the introduction of a virus.
Media coverage
Risk Factors
There is a possibility that your business is sued for copyright or any alterations to someone else’s website, where you become liable for lawsuits, if any.
Solution
This coverage takes care of third-party advertising injury claims on the internet and includes IP infringement, copyright infringement, libel, slander, and defacement of a website.
Understanding Cyber Liability Insurance
Cyber liability insurance helps cover financial losses resulting from data breaches and other cyber incidents. Coverage can vary significantly because insurers often use their own customized forms. Many policies offer both first-party and third-party coverages.
First-party coverages address direct expenses a business incurs due to a breach. Third-party coverages handle damages or settlements a business must pay due to claims or lawsuits from others affected by the company's actions or inactions. For example, if a therapist's computer system is hacked, exposing client treatment records online, the therapist could be sued for negligence.
Cyber policies typically offer a range of coverages, some included automatically and others optional. Separate limits may apply to each coverage, and some coverages may only activate after the business has met a deductible or retention.
Why Cyber Liability Insurance is Crucial
Any business with an online presence or that handles electronic data can benefit from cyber insurance. This includes businesses in Canton and beyond, especially those relying on technology for operations.
Cyber criminals often target personal data such as customer or employee contact details, intellectual property, and sensitive financial information. There's also a risk of ransomware attacks that can paralyze a network. Cyber insurance covering ransomware can help businesses navigate and recover from such crises.
As cyber threats evolve, so must your insurance coverage. Understanding how traditional and other property and casualty insurance policies interact with cyber risks is crucial. Contact Parson Insurance Agency today to learn more about protecting your business in Ohio!
Already have Cyber Liability Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
Request a Quote
Get Personalized Insurance
Also providing service throughout OH, PA, NC, and FL
