Are You Still Unsure if You Need
a Cyber-Liability Policy? |
Below are two real-world examples of how important Cyber-Liability is to businesses.
Client A
A coffee shop and internet café in Chicago, IL purchased a Cyber Liability policy after seeing the rise of data breaches in the news. Within a few months, a hacker spoofed their guest wi-fi and stole personal data from several customers before being discovered and disabled.
One of the impacted customers sued the café for the breach of their information. Their Cyber-Liability policy covered the legal costs and restitution to the plaintiff. Plus, they made improvements to their technology footprint and security monitoring to prevent an incident like this from happening again. |
Client B
A boutique clothing shop in Scottsdale, AZ renewed their Business Owner Policy, but opted not to renew their Cyber Liability. Their reasoning was that they were too small for hackers to pay attention to, and the money was best spent on other areas of their business.
Later that year, they were indeed hacked, and a significant amount of business and customer data was stolen. Because they did not have a Cyber Liability policy in place, they were on the hook for regulatory fines, customer notification, credit card replacement, and damages. The only way to cover those expenses was to liquidate their inventory, dip into their retirement savings, and eventually close the business altogether. |
Don't sacrifice your future stability by footing the bill for breach related expenses.
Contact us today to learn more how Cyber-Liability can benefit you. Click the button below to get started or call us at 855-763-9835
How secure is your business-critical data? If you aren't sure how to answer, let us introduce you to Newtek Technology Solutions. They can provide you with a complimentary security assessment to assess your strengths and risks.
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