Cyber Liability

In a hacking event your computer system can be compromised and you can be victim to the following circumstances:

1. Your computer system can be seized and your company can be prevented from using your computer system.
2. Your computer can be infected by malware and ransomware.
3. The data that you hold can be accessed and stolen, which could include Personally Identifiable Information, Credit Card Information, and Protected Health Information of others.
4. Your company could be legally liable for the unauthorized release of Personally Identifiable Information, Credit Card Information, and Protected Health Information.
5. In the event of a hacking incident where Personally Identifiable Information, Credit Card Information, and Protected Health Information is accessed, you have the responsibility to notify affected parties that their private information has been breached.
6. Hackers can hold your computer system hostage requiring monetary payments from your company to release access to your computer system back to you.
7. Your bank accounts can be accessed and money stolen from your bank accounts due to fraudulent instruction to your bank from hackers through your computer system.
8. The longer your computer system is down the greater the potential your company has for a

Business Income loss.

Cyber Liability Insurance Coverage can provide protection for the threats listed above. The first steps when a hacking incident occurs is to have a cyber incident manager provide assistance with how to respond so that you gain control during an unsettling incident. The cyber incident manager will engage an external IT security consultant to identify the source and scope of the cyber incident. The external IT security consultant can conduct a forensic investigation of your computer systems to contain and remove any malware. Your computer system needs to be activated as soon as possible and the cyber incident manager will take the lead position so that you regain access to your computer system.

The cyber incident manager will also draft the appropriate notices for individuals who have had their Personally Identifiable Information, Credit Card Information, and Protected Health

Information compromised. You have a responsibility to notify affected individuals in a timely manner that your computer system has been hacked and that the affected individuals have had their private data breached. Credit monitoring services, identity monitoring services, and identity restoration services are provided to the affected individuals with the Cyber Liability Coverage.

The Cyber Liability Coverage provides a Liability Limit to pay claims for which you are legally liable to others because you have caused financial harm as a result of the hacking incident. These third party damages can be substantial and Cyber Liability Coverage Limits of $1,000,000, $2,000,000, $5,000,000 and above can be purchased to provide you the protection you need for your company due to how much Personally Identifiable Information, Credit Card Information, and Protected Health Information you administer for your clients and others within your computer system. In addition to paying for third party damages, Cyber Liability can provide claim payment to you in the event that your bank is hacked and funds are stolen from your bank accounts.

West Insurance Brokers, Inc. works with Cyber Liability Insurance Carriers that are prepared to take charge and help you when you are having a horrible day because your computer system is rendered useless and your computer system has been hacked.