In 2012, 93 percent of large businesses reported a cyberattack, while 87 percent of small and mid-size businesses also reported suffering an attack. Protect yourself and your business from the devastating effects of an attack on your computer systems with CyberOne coverage from Central.
Here's some real examples of how a cyber attack can affect a small business...
- A disgruntled former employee, knowing his former employer did not change system passwords, hacked into their computer system. Cost to restore and re-create data, as well as system restoration, public relations and business interruption = $33,850.
- Because of failing to properly safeguard the insured's e-mail system, an e-mail was received containing a virus, which in turn caused damage to both their system and the system of an e-mail recipient from company. Cost for the third party claim for the infected recipient = $48,000
- Cybercriminals overtook a website of a marketing firm that relied on cultivating clients and delivery of services through their web service, causing great effort to regain control of the website and reduce the amount of business lost. Cost of system restoration and lost business = $45,000
CyberOne Coverage responds to both the costs to restore your system (Computer Attack Coverage) and liability that may arise from having insufficient systems security (Network Security Liability Coverage).
Computer Attack Coverage includes the following components:
- Data Restoration Costs – coverage for the cost of a professional firm hired by you to replace lost or corrupted data from electronic sources.
- System Restoration Costs – coverage for the cost of a professional firm hired by you to restore your computer system to its pre-attack level of functionality by replacing or reinstalling software, removing malicious code, and correcting the configuration of the your computer system.
- Data Re-creation Costs – coverage for the cost of a professional firm hired by you to research, re-create, and replace lost or corrupted data from non-electronic sources. Subject to a sublimit of $5,000.
- Loss of Business – coverage for business income you lose and extra expenses you incur during the period of time when system and data recovery activities are taking place. Subject to a sublimit of $10,000.
- Public Relations Services – coverage for assistance from a professional public relations firm in communicating with outside parties concerning the computer attack and your response. Subject to a sublimit of $5,000.
Network Security Liability Coverage responds to a liability suit alleging that a systems security failure allowed one or more of the following to happen:
- Breach of third party business information.
- The unintended propagation or forwarding of malware.
- The unintended abetting of a denial of service attack.
Full coverage as shown above is available, or you may opt for a more limited coverage that includes the following:
- Computer Attack Coverages for:
- Data restoration costs
- System restoration costs
- Network Security Liability Coverages for
- Unintended propagation or forwarding of malware
- Unintended abetting of a denial of service attack
As a CyberOne policyholder, you'll receive access to a free, online data breach portal. The eRiskHub® is designed to help you better understand your risks and establish a response plan so you can manage the costs and minimize the effects of a data breach should one occur. With a response plan and instant access to information resources you'll be ready to more effeciently and cost-effectively respond to and recover from a data breach.
Contact your local independent Central agent for more details about CyberOne coverage from Central or for an insurance quote.
Coverage not available in New York.