No profession is immune against cyber attacks. From data breaches to ransomware and social engineering, whether you’re in real estate, insurance or another profession, you store personal and confidential information on both your clients and employees. This data, if compromised, can result in a significant monetary loss and reputational damage for your firm. Additionally, your computer network could be hacked and “held hostage” for monetary gain or an employee can be deceived into making a fraudulent wire transfer via phishing and other bad-actor tactics, costing you tens of thousands of dollars if not more in damages.
The potential costs involved in a post-cyber attack include the expenses for data loss and restoration; data incident response, including notification fees, crisis management, forensic payments and legal expenses; third-party liability; loss of income as a result of the attack; extortion and ransomware payments; and payments for fraudulent wire transfers. Without the right Cyber Security program in place, how would your firm fare? According to one insurer, the average cost a small business incurs as the result of a cyber attack is $200,000.
At IPRO-Agency we specialize in providing professionals in California with Professional Liability insurance products including Cyber Security plans. Depending on your profession, we will customize a policy that fits your industry and unique risks. We work with several industry-leading markets, enabling us to negotiate coverage features and terms on your behalf. A strong Cyber program typically includes the following:
Covers your business in the event of a data breach, malware infection, cyber extortion demand, ransomware, or business email compromise. You will be covered for first-party costs, including:
When your network or the network of a provider that you rely on to operate goes down due to a cyber incident, you can recover lost profits, fixed expenses and extra costs incurred during the time your business was impacted.
Provides coverage for defense and liability settlements/judgments up to the policy in the event of a lawsuit stemming from a cyber incident.
The carriers with which we partner also provide cyber coaching services to help clients manage an incident as well as risk-mitigation measures to help avert incidents from occurring in the first place.