Cyber Liability Insurance in Massachusetts

Cyber Liability Insurance in Massachusetts

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

How Are You Protecting Your Business?

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

The team at Dowling Insurance has advised many New England companies across a variety of industries on how to develop a cyber security 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 Do?

Cyber Liability insurance can 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 companies that have been hacked don’t realize until it’s too late how much a breach can impact their business. The financial repercussions can include significant expenses related to contacting customers 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’ve just migrated all your records from your outdated paper system to a new website database that will save your employees time and save your business money. However, the new server you are using to store your customers’ information has been hacked just a few weeks after moving all of your customers’ information. Your customers’ information gets compromised and now you are legally required to inform all your customers about the breach of your system. If you have the proper Cyber Liability coverage, the time, effort, and dollars it will take you to inform all your customers could be covered by your Cyber 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 cyber security event occur.

Experience The Dowling Difference

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 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.

Hackers and Threats Can Be Hiding In Plain Sight

When imagining cyber attacks one usually thinks of hackers perhaps far away and of no relation to your business. In reality, many breaches of data are rogue employees who hack into your database and steal client information or, worse, 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 kinds of attacks.

Securing quality Cyber Liability insurance in Massachusetts 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 cyber 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 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.

Let Dowling Insurance Help You Put Together The Perfect Cyber Liability Insurance Policy for Your Massachusetts Business

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

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