Cyber Insurance Quote - click here

Colorado Cyber Liability Insurance

Why does your company need Cyber Liability Insurance?

Information and intellectual property have been added to or completely replaced "bricks and mortar" in our technology driven world. A data breach would hamstring any company that uses computers to track sales, conducts e-commerce, operates a company webiste, tracks customers, or to simply holds important business data.

A data breach can hit your company financially, as a business distraction, loss of customers and/or damage to your business reputation.

Many business owners assume that their current general liability or professional liability policy will cover loss of data. They may cover computer equipment but most if not all exclude Cyber Liability coverage. Is there a gap in your coverage? Madison Insurance Group has partnered with multiple insurance companies to provide Cyber Liability for your Colorado business.

For more details on the Cyber Liability Insurance click here

Claim Examples

A restaurant employee collects customer credit card information for a three month period and sells this information to the black market. The employee will be criminally prosecuted but the restaurant would be required by law to provide identity theft coverage and credit monitoring for all affected customers.

Physician office responded to a fraudulent request that provided access to its database. Over 600 clients had medical data breached. Costs associated with audit and informing those affected were in excess of $150,000.

Virus attacks your computer system leaving you unable to fill customers orders for a month.

Small private school accidentally sends out social security and medical information on all of its students and faculty. The school would be obligated by law to provide credit monitoring for all faculty and students.

A large college in Utah is currently involved in a multi-million dollar lawsuit with its data service provider over the loss of 1.7 million alumni, faculty and student information. The college and service provider did not have Cyber Liability and now both face huge costs that could have been met with the proper insurance in force.

Third Party theft can include stolen computers, hackers gaining access to systems, or sloppy disposal of data. Your company could be found liable for these breaches.

Why choose Madison Insurance Group for your Cyber Liability Insurance?

As a local Trusted Choice independent Denver insurance agency, Madison Insurance Group has the local experience and expertise to help you get the most comprehensive package for your business. We work with many reputable Cyber Insurance carriers and will work to provide coverage that meets your unique needs. Please contact us to help you with your Cyber insurance program.

What information should you have ready before you speak to an agent?

Please be ready to discuss your business in depth. Once we find out what you do we will need you to fill out an insurance application for the company's we think fit your cyber insurance need.

Colorado Cyber Liability Insurance - more detail

What is Cyber Liability Insurance?

In the past 10 years there has been an evolving insurance product called Cyber Liability, Cyber Insurance, Data Breach Insurance or Technology Insurance. The product covers the following losses:

  • First Party Losses - suffered by your company

  • Third Party Losses - your company's liability to others

Standard Property, Liability or crime policies will not cover damage to or loss of intangible assets such as data and systems. This creates a gap in coverage that continues to grow as company's become more and more dependent on technology in order to do business.

How prepared is your business for the following:

  • Identity theft from lost or stolen customer information?

  • Hacker stealing confidential information or conducting e-vandalism?

  • Lawsuit alleging trademark or copyright infringement?

  • Lawsuit alleging invasion of privacy, libel, slander or product disparagement from emails or your website?

  • Lawsuit from a security failure or alleged technology error or omission that results in damage to your customers?

  • Business interruption from a security failure or virus?

  • Costs associated with crisis management, privacy notification or disaster recovery?

What are the potential threats to your data?

Your computer network is susceptible to many areas that could create a first party or third party loss. These include:

  • Fraud

  • Hacker Attack

  • Human Error

  • Power Failure

  • System Malfunction

  • Emplyee Sabotage

  • Natural Disaster

  • Virus Transmission

  • Misuse, theft, or disclosure of confidential information

  • Negligent internet content

  • Defamation, libel, Slander

  • Failure to prevent transmission of a virus to a third party

How would cyber insurance protect me from these losses?

  • Breach notification costs (including credit monitoring for identity theft of customers)

  • Business Interruption - loss of revenue protection

  • Data replacement and rectification costs

  • Public relations to re-establish reputation

  • Money paid to cyber extortionist

  • Reimbursement for increase in cost of working incurred to minimize interruption

  • Damage and expenses which the insured shall become legally obligated to pay following a covered policy trigger, including fines and penalties where permissible by law

Recommendations for protecting your company from the potential threats

  • Firewall and virus protection, cyber risk assessment and awareness training should be implemented in your company.

  • Monitor and restrict privileged users - trust but verify by using pre-employment screening, separation of duties ,limit user privileges and log reports that are reviewable by management.

  • Minor violations - respond to any and all violations of policy. Minor violations can be indicators to larger issues that may arise.

  • Keep malware off your systems - implement the correct procedures to make sure your data stays private.

  • Outbound traffic should be monitored and filtered - many breaches go out via the organizations network. Organizations should review and batch processed data and logs.

  • Incident information should be shared to help fight cyber crime.

Madison Insurance Group - here to help your Colorado business

Madison Insurance Group has been a Colorado based business for over 15 years. We understand the Colorado and Denver Insurance market. We are a Colorado based company here to help our fellow Colorado Businesses. Please contact us with your insurance needs.