Cyber Suite Insurance
More than half of U.S. businesses have experienced a cyber attack in the past year. Of those businesses hacked, 72% spent $5,000 or more to respond, and more than a third spent over $50,000 in response expenses. Protect yourself and your business from the devastating effects of an attack on your computer systems and data breaches with Cyber Suite coverage from Central.
Here are some real examples of how a cyber attack can affect a small business...
- An insured’s computer system was infected with a virus. Nearly 16,000 credit card numbers and data were breached. The insured believed the situation was contained and began giving notification. It turned out that the insured’s own IT provider was the offending party. The insured hired an IT firm who was able to get the breach under control. Reimbursement was made to the policy limit.
Total cost of breach notification and virus remediation: $107,312
- External back-up hard drives with private personal records for patients were stolen from a physician’s office. The insured consulted with an attorney and notifications were sent to affected individuals advising them to place a fraud alert with credit bureaus and to monitor their credit reports and other financial statements.
Total cost of notification and services: $10,500
- While trying to balance the books, a business owner received a strange pop-up on his laptop. A ransomware virus locked the system until an extortion demand was paid. After consultation with the insurance carrier, the insured decided to pay the demand of $600 to unlock the system.
Total cost of extortion and system remediation: $2,400
Central’s Cyber Suite Coverage is comprehensive coverage with multiple layers of insurance defense against the complex, ever-evolving cyber risks businesses face. Cyber Suite includes seven coverages to help businesses affected by data breaches and cyber attacks. The following additional Risk Management services are also available:
- Access to “TechQ” which offers FREE computer diagnostics by phone and competitive rates for virus removal, and technical assistance, and related digital security services.
- Access to experts in recovering from cyber extortion and data breaches.
- Toll-free recovery helpline.
- Process to request case management service(s) and submit expense reimbursement claims.
Contact your local independent Central agent for more details about Cyber Suite coverage from Central or for an insurance quote.
The policy coverages described above are in the most general terms and are subject to the actual policy exclusions and conditions. For specific coverage details and policy exclusions, refer to the policy itself or contact a Central Agent.