We’ve all heard the phrase “there is no silver bullet”, especially when it comes to cyber protection. There are so many different methods of attack and avenues of exposure, and they constantly evolve. So how do you protect your customer’s data and your organization from financial exposure that could cripple you? Foresite has teamed up with an A+ cyber monitoring insurance carrier to provide a combination of cyber monitoring with $250,000 of annual coverage to protect you if all else fails. Here are a few real-life examples of how the insurance claim coverages works:
A dental practice was hit by ransomware and the hackers demanded $5,000 for the data of just under 4,000 patients. The coverage paid the ransom, and also covered IT and legal services, notification costs, credit monitoring, and even public relations expenses that totaled $49,428.79.
A professional services firm was hacked, their personnel files were breached, and some of the employees filed suit against their employer for exposing their data. The total cost of the breach and resulting litigation was over $100,000.
A retail store with multiple locations was notified by Visa that they were being investigated due to a high percentage of fraudulent claims related to purchases from their business. They underwent a mandated forensic examination to find the cause of the fraud, which cost $26,200. A month later, MasterCard assessed a fee of $6,000 and Visa also fined the store $5,000 for PCI non-compliance.
All of the costs in these cases were covered 100%, with no deductible. The businesses were also further protected by 24/7 access to cyber incident response resources under this policy. Don’t wait for the inevitable, be proactive and be covered with cyber monitoring insurance.