When a company is entrusted with customers’ personal information such as credit card or social security numbers, they have a duty to protect that information. Not only do they need to assure their customers they’ll do everything they can to protect their personal information, they also need to protect their reputation in the event of a data breach.
Cyber Liability or Data Breach coverage provides the coverage a business needs to address the multiple facets of a data breach incident. The cost to notify customers of the breach, offer free credit monitoring for a year, forensics to determine the size and scope of a breach, public relations and crisis management expenses, coverage for PCI fines and costs as well as the legal liability issues in the event the insured is sued for the breach.
Access E&S Insurance Services has several markets that offer this coverage.