Cyber Liability & Data Breach Protection

Risk managers and business owners face increasingly serious information management challenges. Regardless of business size, a data breach tends to trigger a significant financial and human resource burden. 

Not all cyber liability policies are the same. A typical cyber liability policy can help protect you from hours and unforeseen costs associated with a data breach caused by: 

• Hacking
• Human error
• A faulty transaction 
• Malfunctioning technology
• Data loss due to natural disasters
• Lost or improperly disposed data

A cyber liability policy may help with the costs associated with: 

• Forensic expense to find out and resolve what happened
• Expense of legally required notifications and credit monitoring to those whose information is exposed
• Crisis services and public relations expense to maintain business reputation
• Regulatory and payment card industry fines
• Legal defense and settlement
• Hacker extortion demands
• Business interruption, lost income and restoration of data post breach
• Breach of contract

Towne Insurance understands how to negotiate and help you buy effective cyber liability insurance and data breach response options for your organization. Premium bearing factors may include: 

• Gross revenue
• Amount of payment card transactions annually
• Amount of records containing Personally Identifiable Information* you store, at any one time
• Compliance with standards such as Payment Card Industry Data Security Standards (PCI/DSS)
• Prior security incidents, claims and circumstances