
Electronic Data & Cyber Liability
Is Your Customer Information Safe?
We can protect your business from financial ruin if hacked.
Many businesses are advancing more quickly through the use of technology. Your business may now keep paperless records, share sensitive files over the internet, or use integrated software to upload client information. Regardless of the complexity of your business, technology likely serves an integral role in keeping your company organized and growing. Information technology serves to help you and your clients with efficiency, accuracy, and processing.
In fact, one of your business' most valuable assets is likely your customers' information, which is often maintained as electronic data. Your clients' personal information is sensitive and, if exposed, could cause severe financial harm. Data breaches are very common, and though you may attempt to maintain updated security software, use encrypted files, or ensure your systems are password protected from thieves or strangers, as a business owner you will be held to a much higher standard to protect such private information. A cyber security insurance policy is a wise solution to protect your business from financial ruin.
The steady rise of cyber crime and the media's increasing attention to it has raised awareness increased public concern. Federal and state laws and regulations have increased a business' legal responsibility to adequately safeguard private information in response to emerging risk associated with online transactions and identity theft. If your company hosts, shares, stores, or transmits proprietary or confidential data, the business is exposed to cyber crime, as are companies that outsource these tasks to a third party administrator, or conduct online transactions, publish electronic content, or have an attractive profile for a cyber thief, such as a business in the medical, financial, or IT industries.
Company insiders or employees commonly trigger cyber breaches. Whether the employee intentionally steals the private information to sell to thieves on the black market, or simply makes the mistake of misplacing a laptop, tablet, or smart phone in an unsecured location, the financial loss can be devastating. Typical losses include hefty costs to notify those whose information is compromised, as well as injury to the reputation of the business that is responsible. Moreover, the valuable data is often lost or corrupted costing a business tens or hundreds of thousands to recover, and the legal fees, court costs, and damages can put a company out of business
Best-in-Class Insurance at Unbeatable Pricing!
Boynton Insurance Group has partnered with best-in-class insurance providers to provide the best coverage at the best prices. See our partners here!
Consult with one of our IT insurance specialist to discuss your business' cyber exposure, and learn about potential insurance solutions to protect your systems' security, electronic data and the personal private information of your clients.