Yes, You Need Cyber Liability Insurance for Your Business!

Digital information is critical to every day operations for business of all sizes. Your important data must be kept secure and organized to protect against viruses, data theft, identify theft and a host of other cyber threats. In addition, small businesses like most others are increasing their web and social media presence every day, and with that exposure comes the proliferation of cyber liability claims that can literally wipe out a business in one fell swoop.


Most Common Cyber Threats
Malware: Malware, or malicious software, comes in the form of viruses, worms, spyware, Trojan horse programs and more.
Social engineering: This is a catch-all term to describe the threat associated with fraudulent attempts to get employees or individuals to hand personal or confidential information—typically banking information—to a third-party pretending to be a legitimate outlet. Social engineering threats include phishing, spear phishing, whaling, vishing, SMiShing, pharming and dumpster diving. The result: stolen bank account and credit card information and a serious problem for your business.
Mobile devices: Mobile devices in the workplace are proliferating much like the cyber threats. These devices certainly bring a lot of value and efficiency to businesses, but your data and device security should always come first.
Data breach: Sensitive data stored in your computer or network can be breached by stolen laptops and portable devices, rogue employees, theft of digital assets, privacy breaches and human error.
Internet attacks: Everything is on the Internet, and that fact won’t change. With unparalleled gains in efficiency and our newfound ability to trade with partners anywhere in the world without ever leaving our desks, we have also gained a whole new set of potential cyber threats not only in our backyard, but from cyber criminals across the globe.


Costs Associated with Cyber Liability Threats
The costs to your business from the attacks described above—and others—can include:

• Costs associated with statutory requirements to notify those whose data has been breached
• Public relations and investigative costs
• Loss of income
• Personal injury (libel) claims against you stemming from your website, blog or social media accounts
• Business interruption and loss of income

Insurance companies have responded to increasing cyber threats by offering a variety of insurance products that continue to evolve, as do the threats. No true policy standard yet exists, but some typical coverage areas have emerged to protect against the most common—and most costly—cyber liability claims.


Today, cyber liability policies might cover everything from legal and forensic services to crisis management/public relations and liability judgments. In addition, you can add cyber liability endorsements to your commercial general liability policy to provide protection against certain types of cyber liability that you are most susceptible to.


Because of the increasing risks and the costs associated with statutory notification, fines, fees, penalties and class action lawsuits associated with privacy breaches, you should by no means ignore cyber liability coverage for your business. Rather, you need to assess your risks and find appropriate insurance coverage. What’s more, you need to take a careful look at the types of security you have employed enterprise-wide, and find ways to institute best practices to make sure that your data and your customers’ data is protected.


What kind of cyber threats do you feel pose the greatest risk to your business? Have you assessed your security practices? Do you need additional insurance coverage?


We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Michael Reso, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: atreutel@southgroup.net , phone: 228-466-4498    fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Ste 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states. Insurance is stressful, but we make saving easy.  We help you save money on insurance!