Cyber hacks are on the rise and you must have a Cyber Liability policy to be protected.
The third party vendor Sacred Heart Health System uses for it billing Operations was hacked which compromised health information of about 14,000 patients according to this New Herald Article.
How does cyber liability work for customers in similar situation?
When there is a breach in data, company that had the breach must comply with state required remediation and notification of breached individuals and potentially offer credit monitoring.
Below is an outline of coverage that can respond on behalf of insured at the time of a cyber-breach of their business.
1. Provides Risk Management & Loss Prevention Program prior to a loss
2. Offers Third Party Liability for Network & Information Security, Communications and Media Liability and Regulatory Defense Expense
3. Offers Crisis Management Event Expense, Security Breach Remediation and Notification Expense and Computer Program and Electronic Restoring Expense
4. Offers coverage for Computer Fraud, Funds Transfer Fraud, and E Commerce Extortion
Don’t let hackers be an administrative burden to your business!