Cybercrime is the fastest growing white collar crime in America, and it is much easier to breach a database than it is to rob a bank. Cyber liability insurance can help protect your business from cyber crime and data breaches. In this era, every company has some sort of cyber and crime exposure. Learn more about cyber insurance and get protected today.

Companies storing personal information must promptly notify persons whose information has been accessed by an unauthorized person. In addition to costs of notification, these laws create potential civil liability if proper and timely notification of a data security breach is not given. What information are you handling as a realtor?

A failure of network security can lead to many different exposures, including consumer data breach, destruction of data, virus transmission and cyber extortion .

However, privacy does not have to involve a network security failure. It can be a breach of physical records , such as files tossed in a dumpster, or human errors such as a lost laptop, or sending a file full of customer account information to the wrong email address. Companies have also faced liability from returning a photocopier with a hard drive that contained unwiped customer tax records.

Network Security and Privacy Liability Coverage covers both first party costs and third-party liabilities:

• First party applies to direct costs for responding to privacy breach or security failure. such as forensic investigation of the breach, legal advise to determine notification and regulatory obligations, notifications cost, credit monitoring, public relations expenses.
• Third party applies when people sue or make claims against you, or regulators demand information from you (legal defense, settlements, damages and judgments relating to the breach ,costs to respond to regulatory inquiries, regulatory fines and penalties)

Please contact our office for an application if you wish to secure a cyber quote for your firm.