Data Protection Breach and Cyber Liability Insurance
Client databases could be the pot of gold at the end of the rainbow for cyber criminals. Let us ask you 4 questions.
- Do you hold personally identifiable information on your clients such as name, birth date, and PPS numbers?
- Do you hold personal credit information for your clients including credit card numbers?
- Do you hold personal information for your clients including medical records?
- Do you store the above information electronically?
If there is a breach, your client’s personal information is no longer protected. As a result they could be victims of identity theft or fraud. They will look to the source of the breech for a solution.
Without cyber liability insurance you could find yourself out of pocket.
Why should I buy cyber Liability Insurance?
Cyber Liability insurance can safeguard your business against the financial losses caused by breaches of your network security.
Viruses, and malware are common causes of electronic damage. Cyber Liability insurance can protect your business against the costs incurred as a result of an external attack.
Cyber Liability insurance can also cover the costs of data restoration, reputation management and crisis management in the wake of an incident.
So how much could a cyber-attack actually cost me?
If you have a breach you will need to report it to the relevant authorities.
Contact all of the affected parties.
You may need to hire external consultant to help you retrieve or restore your data, and perhaps even replace your computer system. You may even have fines or penalties to pay.
Research carried out has shown the cost of such a breach for large corporations is €500,000 to €960,000, while for small businesses it is €39700 to €74,000.
American research has shown a cost per client of approx. $180.00 per record data breach. Even if the equivalent euro cost was half this, it would still be a costly claim. We will let you do the sums…..
How much will the cyber liability insurance cost?
Depending on your revenue the price of a policy to offer you protection against the cost of a breach can start from €400.00 giving you up to €250000 worth of cover. Give us a call today on 091 563518 and we will be happy to talk to you.
Burke Insurances Ltd has been providing insurance broker services in Galway since the mid nineteen sixties, we are specialists in business and commercial insurance of all kinds and we can help you get the best cover and value for your insurance.
If you would be interested in having a chat about your insurance, during the year please give me a call on 091-563518.
You can also find more information on our website at www.burkeins.ie
