It’s not difficult to think of large companies who have made national headlines in recent years regarding a significant breach of their private client data. Not only did these companies have to notify all of their clients, they were also required by law to pay for the identity recovery and monitoring services charges incurred by each and every client. They had to pay restitution and also incurred the additional expenses of re-vamping their entire computer network security system.
Medical records and private client information such as social security numbers, dates of birth and payment information are of particular interest to hackers; and it is also particularly vulnerable. There is protection in the event that this nightmare should become your reality.
A typical business owners policy has built in exclusions for electronic data. Cyber liability coverage, also known as Data Breach coverage, is specifically designed to fill this gap.
A typical business owners policy has built in exclusions for electronic data. Cyber liability coverage, also known as Data Breach coverage, is specifically designed to fill this gap. As the need for this product has arisen in the past 10 years, many companies have developed their own policies and there can be relatively wide diversity in this product from company to company. Please talk to your insurance specialist to determine the coverage that best suits your practice.