Cyber Liability Insurance

Protecting your firm against cyber attacks should be easy. With our plan, it is.

If your firm uses the internet, wireless connections, mobile devices, laptop computers and other technology, it is increasingly vulnerable to costly cyber exposures. This growing risk can be mitigated with a cyber liability insurance policy. We are pleased to offer you a comprehensive policy to help protect your firm from this ever-growing threat. Many companies have a complicated application process. We don’t.

What is cyber insurance?
Cyber insurance covers the range of expenses that arise when a breach occurs. This includes identifying and solving the breach, recovering data, customer notifications, PR costs, possible credit monitoring expenses, legal expenses, potential fines from compliance regulators, extortion costs from ransomware, and general business interruption.

Do hackers really bother with attacking small businesses?
Yes. Cyberattacks against small businesses are on the rise as they become an increasingly attractive target. In fact, certain types of attacks, like phishing, for example, are much more commonly aimed at small businesses. Cyber-criminals assume that weaker security measures will make small businesses easier to crack than larger enterprises. Small businesses are generally not financially prepared for an attack, and most lack cyber insurance. For many smaller companies, a successful cyberattack may even put them out of business. Any business with a computer and an internet connection is at risk.

What does a cyber policy cover?

• First-Party Coverage; Covers damages your firm suffers because of a cyber breach. This can include investigative services, business interruption coverage and data recovery.
• Third-Party Coverage; Covers damages if your clients or partners are affected by a cyber attack. This can include legal fees, settlement costs, security failures and media liabilities.
• Cyber Crime; Covers damage due to any type of illegal activity that occurs using digital means. Examples of cyber crime are extortion/ransomware, phishing, social engineering, and wire transfer fraud.

Doesn’t my current business insurance include cyber attacks?
Many general business protection policies only partially cover damage from cyber events, if at all. A cyber insurance policy protects against the vast array of possible damages, expenses, and lost business that can occur from a cyber attack.

What should I consider when choosing between purchasing a stand-alone cyber policy vs. adding an endorsement to an existing policy?
To be fully protected, ensure you have all coverages – first-party, third-party, and cyber crime. Further, since some cyber events can result in large expenses, confirm you have adequate sub-limits for each of the three coverages.

Do small businesses need cyber insurance if they practice good cyber hygiene?
Good cyber hygiene helps, but there is no way to fully protect against new threats. Hackers are always adapting to overcome cyber defenses with new versions of current threats or creating new methods of attacking businesses. Human error is also a factor. Easy-to-hack passwords, phishing emails, or even a lost laptop present potential entry points for a cyber-criminal. Additionally, a third-party vendor could be attacked, impacting your ability to do business and exposing your data. Even if you use a third-party vendor for business services, as the data owner you may be legally responsible. A thorough cyber insurance policy is part of your overall risk management plan to ensure your firm runs smoothly.

If you have any questions or would like to obtain a quote, please complete the following form, give us a call at 800.347.1109, or email us at tba@assoc-admin.com.

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Firm Name:

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Industry Code:

Annual Revenue (Last Fiscal Year): *

Has the firm been involved in any cyber-related claims in the past 5 years?YesNoI don't know

Does the firm currently have a stand-alone cyber policy?YesNoI don't know

Does the firm have multi-factor authentication (MFA)* enabled on email access, remote access, and network administration?YesNoI don't know

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*Multi-factor authentication (MFA) is one of the easiest and most effective ways to prevent ransomware attacks. MFA requires users to verify their identity at least twice when logging in to your applications, ensuring the user is who they say they are. And, it’s easy implement.

How to implement MFA:
Google Suite MFA Activation Instructions (Note, Google refers to MFA as 2-step verification, be sure to require 2-step verification when setting up)

Microsoft 365 MFA Activation Instructions

For other services, you can use an MFA solutions provider such as Google Authenticator, Microsoft Authenticator, or Authy.