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Is Cyber Liability Insurance Necessary For My Business?

You've probably heard of the recent hacker attacks on large corporations like Target, Anthem Blue Cross, and Home Depot. You might be thinking that small- to medium-sized business owners can't have this much exposure.

"Cyber Risk" is on the rise. Two-thirds of their claims for this type of liability are for small businesses and non-profit organizations. For cyber liability insurance, you can also have a peek at this website. These are some of the most frequently asked questions about this exposure.

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* What is Cyber Liability? All personal data you have on clients, vendors, employees, or donors over the past five-year period can be considered at risk. Every name, address, and date of birth is considered "a record".

Each data breach is worth approximately $214 per record. An average loss is around 20,000 records. The average loss is about 20,000 records. It is important to know that your Commercial General Liability policy (CGL), does not cover web-based activities.

What are the costs that my company could be responsible for? The main considerations are:

Notification of donors and clients 47 states have passed privacy legislation. Each state has its own privacy legislation. Each state may have different requirements regarding the font and type size of notification letters.

o Damage to the company's reputation. To restore and rebuild trust in your clients, you may need to engage a Public Relations agency.

o Credit monitoring services. These services may be offered for one year to the affected persons.

Talking to an independent insurance agent about your situation is the best way to get advice. Every business must be aware that personal data can be collected.