Cyber / Data Risk

​The advancement of information technology has made it easier to keep your business running smoothly. At the same time, cyber-attacks continue to evolve rapidly, which means businesses in every industry, regardless of size, are exposed to potentially devastating losses.

The average policy Does Not include coverage for data risk or cyber liability. Consider the following:

• Fires cost U.S. businesses $3 billion in 2014, while data breaches cost over $40 billion.
• Over 78% of small to medium businesses experienced a cyber-attack in 2014.
• Half of all attacks are targeted at businesses with less than 500 employees.

Are you insuring what you should?

Cyber liability coverage offers protection beyond standard liability coverage, which often does not provide coverage for cyber-related exposures. With a variety of coverage options, LMC has the experience and resources to provide the cyber coverage that’s the right fit for your business, including:

• Reimbursement for loss of income
• Data loss and restoration
• Notification costs
• Cyber extortion/ransomware
• Network security
• Network/business interruption
• Regulatory defense costs
• Forensic investigation

 
A proactive approach to managing cyber threats is the first step to achieving cybersecurity. LMC’s IT and Network Security Risk Management partners consult with businesses to identify any potential problems before they occur.
 
Cyber threats are complicated, but when it comes to cyber safety, it is LMC’s goal to provide our clients with education on what measures can be taken to increase the security of their data, computers, and network systems. 

Coverage issues to consider

1st Party Coverage Includes:

• Forensic investigation
• Notification expense
• Credit monitoring expense
• Crisis management, including public relations consultants

3rd Party Coverage Includes:

• Disclosure injury
• Social media exposures
• Intellectual property infringement
• Reputational injury
  

Information security is everyone's responsibility.
Contact LMC's Cyber and Privacy Expert to learn more.

Brian Hughes
​Vice President
brian.hughes@lmcins.com

Download our cyber security reference card to share with your employees.

The following links are provided to assist in the prevention of cyber related threats your organization may encounter:

Cybersecurity from the NAIC

Cyber Risks: The Growing Threat from Insurance Information Institute