Although it may seem that Americans shell out more tax dollars to cover government programs, the latest data indicates that cyber crimes may cost them a lot more.
A recent report issued by Washington’s Center for Strategic and International Studies and McAfee states that the annual cost of cybercrime and cyber espionage may cost Americans close to a hundred billion dollars this year.
However, this data is only estimated, because defining and tracking cyber crimes is quite difficult to do. Often, companies are afraid of the consequences of these events and they try to avoid any damage to their reputation. There's also the question of what value should be placed on the loss or theft of personally identifiable information?
When a cyber crime does occur, government regulation requires companies to notify affected individuals and mitigate the damage to the company and those potentially injured by such disclosure.
In order to prevent your company from taking on the burden of these costs, in addition to litigation costs, you must secure a Privacy/Network Security liability insurance policy. This professional liability insurance provides coverage for the costs associated with the misuse, loss, or theft of proprietary or personally identifiable information stored in an electronic or physical format.
The policy would help cover:
- Privacy Breach Response Costs – Legal fees, public relations fees, advertising, IT/Data forensic services, credit monitoring, notification costs, identity theft restoration and postage expenses.
- Network Asset Protection – Coverage for recovering and/or replace data that has been compromised, damaged, lost, erased or corrupted.
- Regulatory Defense & Penalties – Coverage for defense costs, fines, penalties for violations of privacy regulations, etc.
- Multimedia Insurance – Coverage for media claims alleging copyright/trademark infringement, libel/slander, false advertising, plagiarism and personal injury.
- Business Interruption – Coverage for income loss or expenses due to a computer system outage or repair.
To learn more about how you can protect your business from cyber crime, please contact one of our professional liability specialists at 201-847-9175 or email info@axisins.com.
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About Axis Insurance Services, LLC
Axis Insurance Services, LLC is a professional liability insurance brokerage located in Franklin Lakes, NJ. We offer nationwide businesses with custom professional liability insurance solutions. We specialize in errors and omissions insurance (E&O), Directors and Officers liability (D&O), Employment Practices (EPLI, Commercial Crime, Privacy/Network Security and Fiduciary products for today’s professional services firms, including commercial real estate agents and brokers, property managers, insurance agents, medical groups, third party administrators, accountants and other professionals.
For more information, press only: Tania Enders at tenders@axisins.com
For more information on Axis Insurance Services, LLC: www.axisins.com or call 201-847-9175
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Axis Insurance Services, LLC is not affiliated with Axis Insurance Company or its affiliates in any way.
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