Creative Thinking. Customized Solutions.
Caring about you since 1932.

On March 22, 2018, the city of Atlanta’s website was hit by a ransomware cyberattack. Residents couldn’t access online applications or pay water bills and parking tickets. Court proceedings were cancelled. An estimated ten years’ worth of documents, including police dash cam recordings, were lost. It was five days before city government employees could turn on their computers. The city may spend more than $10 million to fully recover.

Whether you run a city, a multi-million-dollar corporation, or a small mom-and-pop business, you’re susceptible to cyberattack. According to the U.S. Council on Economic Advisors, malicious cyberattacks (deliberate attempts by an individual or organization to breach another’s information system) cost the U.S. economy between $57 billion and $109 billion in 2016. Former Cisco CEO John Chambers once observed, “There are two types of companies: those that have been hacked, and those who don’t yet know they have been hacked.”

How cyber insurance can help

Cyber insurance doesn’t prevent cybercrime, but it can protect you and your business after a security breach.

A good policy can cover:

  • Costs of a forensics investigation to determine the type of attack and how to repair it.
  • Monetary losses due to network downtime, data recovery, crises management and reputation repair.
  • Lost income (net profit before taxes) that a business suffers due to interruption or degradation of service, or for the failure of your computer system caused by a network security failure.
  • Reasonable and necessary expenses paid for, or incurred by, your business as a result of a cyber incident.
  • Data breach notification costs and credit monitoring for affected customers or employees.
  • Lawsuits and costs incurred in investigation and legal defense, including monetary amounts you’re legally obligated to pay on account of third-party liability claims against you and your business. These claims may arise from actual/alleged failure of network security or you/your business’s actual/alleged failure to protect personal, protected or confidential or proprietary corporate information.
  • Extortion threats, ransom payments and directly related expenses as a result of: a threat to bring down a network; to alter, corrupt or destroy digital data; to restrict or inhibit access to you or your business’s computer system; or to release or destroy sensitive, confidential information.

Cyberattacks aren’t going away; in fact, they’re becoming more complex and affecting businesses of all sizes. Be prepared and know the contractual requirements and legislation around managing cyber risks.

Contact your Sapers & Wallack/Hilb Group of New England advisor today to learn how cyber security insurance can protect you.

‘Universal Life Insurance, a 1980s Sensation, Has Backfired’“A long decline in interest rates caused premiums to soar when they were supposed to stay level.” – Wall Street JournalAs soon as I read this headline in the Wall Street Journal I … Continue reading

Whether you’re the owner of a small business or involved in risk management for a national organization, the right Property and Casualty coverage can have a huge impact on protecting your business against unforeseen events. P&C Insurance exists to safeguard the … Continue reading

Have you ever come home from a trip with a renewed perspective?  Sometimes the very activities designed to help us relax can also work to free the mind so we can more easily prioritize what needs to get done.  Here are … Continue reading

Termination Death Benefit for Large Corporations: How Not to Lose Benefits to Taxes, While Insuring Recovery of Accrued LiabilitiesIt is a hard, somewhat morbid, topic to face, but the death of business executives at large companies is a financially fraught … Continue reading

One of the bread-and-butter staples of a well-conceived employee benefit program is the classic group term life insurance.  You join a company, fill out a beneficiary form, and voila, you are provided with group term life insurance equivalent to a … Continue reading

When individuals purchase permanent insurance (whole life, universal life, variable life), as opposed to term insurance, the expectation is that the policy will remain in force as life insurance until death of the insured. However, due to a marked increase … Continue reading

The world of life insurance has changed. A secondary market has come of age in which investment pools are willing to purchase policies from others who are old or sick, and either don’t want the policies or can’t afford to … Continue reading

Most people do not question the need for life insurance. Life insurance is typically purchased if you owe another person or love another person. It is really no more complicated than that.Share this postFacebook0TwitterLinkedinPinterest0

Do you want to save up to 15% on your life insurance cost? There is a new paradigm in the world of life insurance that will change the way people think about this product. Leading life insurance companies have developed … Continue reading