Cyber Liability Insurance in Boston, Massachusetts

Cyber Liability Insurance in Boston, Massachusetts

In today’s world, cyber security should be a concern for pretty much every business. If large companies with advanced IT departments like Target and Chipotle can have their sensitive data hacked, then your Boston-based business is surely susceptible as well. Cyber security threats are always lurking, and, no matter how vigilant you or your IT team is, cybercriminals are getting increasingly crafty about how they access your systems. This is why it is more important than ever to prepare your Boston, Massachusetts, company for the possibility of a cybersecurity attack or data breach.

One of the most critical elements of any cybersecurity plan should be to have a solid Cyber Liability Insurance policy in place. Cyber Liability Insurance coverage can shield you from the costs related to managing a security breach situation and support you in handling breaches quickly and effectively. To ensure that you have the appropriate level of cyber liability insurance coverage at an affordable rate, you will want to partner with an experienced, local insurance agent who has worked with many organizations like yours to safeguard company, employee, and customer information.

The team at Dowling Insurance has advised many Boston-area businesses across a variety of industries on how to develop a Cyber Liability Insurance action plan that includes the best insurance coverage for their risk level. Call us at 781-848-7652 for a complimentary policy review and free quote, or use the request form to contact us today.
Cyber Liability Insurance In Massachusetts

What Does Cyber Liability Insurance Help Protect?

Cyber Liability Insurance can help protect you from costs incurred when there is a loss, theft, accidental release or accidental publication of Personally Identifiable Information (PII) and Protected Health Information (PHI), such as social security numbers, bank account numbers, credit or debit card numbers, driver’s license numbers, and patient history and medications. Most small- to mid-sized Boston companies that have been hacked don’t realize, until it is too late, how much a cyber security breach can impact their business and their bottom line. The financial repercussions can include significant expenses related to contacting customers and employees after a breach, hiring IT forensic specialists and legal representation, and mitigating damage to your brand with PR.

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Here is a real-life example that could happen to any Massachusetts business, including yours:

You are sitting at your desk when you get a call from your IT Manager stating that there’s been a security breach and someone has hacked into your customer database. The hackers have stolen address information and social security numbers for all your customers. If you have the proper Cyber Liability Insurance coverage, the time, effort, and dollars it will take you to inform all your customers could be covered by your Cyber Liability Insurance policy. Your coverage could also help with any additional actions, such as a public relations campaign, that you feel you need to undertake to help restore your customers’ faith in your business, not to mention your own employees’ morale. In addition, there is the possibility that you will find yourself in a lawsuit resulting from this breach and having to go to court to show that you are properly handling it. The right insurance plan could also cover the expense of hiring legal counsel. Finally, having a Cyber Liability Insurance policy can not only save you and your company hundreds of thousands of dollars as well as valuable time and resources, but also provide you with peace-of-mind that you will have help should a cybersecurity event occur.

At Dowling Insurance, we take the time to evaluate your specific needs and risks to ensure that you have the proper data breach coverage for your type of business and cyber security risk level. For example, many Boston, Massachusetts companies, especially in the healthcare field, are required by law to observe HIPPA regulations. If an unforeseen cyber event leads to a HIPPA violation, it’s critical that you have a Cyber Liability Insurance plan designed to cover the steep fines associated with this type of breach. However, not all Massachusetts cyber liability insurance plans include this invaluable component. You can count on your Dowling Insurance agent to do an in-depth analysis of your business first so that we can recommend the key components of cyber liability protection that your specific business requires. Plus, we will make sure you understand the details of your coverage so that you can be confident, should you ever experience a data breach, that you will have support in recovering any expenses incurred, restoring your business’ reputation, and finding a solution to prevent any future exposure.

Many of us incorrectly picture a cybercriminal as someone in a remote country, who has no personal connection to our business. Unfortunately, many breaches of data are actually executed by company “insiders” – your own employees who will hack into your database and steal client information – or “opportunists,” who find lost digital devices, like phones and laptops, and execute an attack. Privacy Coverage is another valuable component of Cyber Liability Insurance that helps protect business owners from these specific kinds of attacks.

Securing quality Cyber Liability Insurance in Boston can protect your business from cyber threats that come from both outside and inside your company. If you are not sure if your business has the tools necessary to protect against a cybersecurity attack, then it’s essential to talk to a Dowling agent today about Data Breach Coverage. We do much more than find you the proper Cyber Liability Insurance policy; we also provide you with incident response plan templates, educational information and the most updated notification laws and regulations for your specific industry.

Call your local Cyber Liability Insurance agents at Dowling Insurance, 781-848-7652, or use the request form on this page, to get a complimentary cyber liability policy review and risk assessment. We look forward to hearing from you and serving your Boston, Massachusetts business with the Dowling Difference!

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