Cyber Insurance in Vermont
Does your business use computers, the Internet, or other digital technology? If you’re like most businesses in Vermont, the answer to this question is yes, and it means your data is at risk. Cyber crimes are on the rise, and can cause long-lasting and expensive damage to your company. With cyber insurance, you can protect your business from many of the expenses associated with a cyber attack.
As technology takes over the business world, criminals are using it to steal valuable data and otherwise damage your business. From shutting down your website to stealing your customers’ credit card data, cyber criminals can do a lot of harm very quickly. As more Vermont businesses fall victim to this crime, the costs are becoming clear: notifying and protecting customers, business shutdowns, and dealing with resulting lawsuits can cripple your business. Cyber insurance helps to cover many of these expenses, minimizing the financial impact.
Vermont Notification Laws
Due to the rise in cyber crimes, Vermont, along with other states, requires that businesses notify the Attorney General and affected customers when a data breach involving social security, bank, credit card, or debit card data occurs. This allows consumers to take appropriate action to protect their identities and financial information. VT requires that you:
- Notify the Attorney General within 14 days of discovery of a breach.
- Notify affected consumers within 45 days, including the approximate date of the breach.
In addition to the cost of notification, many companies take on the expense of credit monitoring for affected customers. There may also be regulatory fines levied upon your company. Data breaches can be extremely expensive events, typically excluded from your general liability coverage.
Cyber Insurance Coverage
Cyber liability coverage exists to help you manage the expenses associated with data breaches and other cyber crimes. There are many policy options to choose from, and many costs can be covered. Your policy may include errors and omissions coverage, if your negligence causes a data breach or network outage for someone else. It can also include media coverage for libel, slander, and intellectual property infringement.
Network Security and Privacy coverage are the most important parts of your cyber liability policy. You can potentially be covered for:
- Unauthorized access
- Transmission of viruses
- Destruction of Data
- Lost devices
- Physical record theft
- Business interruption.
With this coverage, many of your costs can potentially be covered, such as:
- Forensic investigation
- Customer notification and protection
- Public relations expenses
- Legal advice and defense
- Loss of profits during a network outage
- Legal settlements and judgements
- Regulatory fines and penalties.
Cyber liability coverage can provide excellent and valuable protection at an affordable price. Your agent can help you find a policy that fits your budgets and will protect your business.
With over 90 million data security crimes committed each year, your Vermont business is at risk. Any business that uses the Internet or stores data digitally can be a victim of this expensive crime. Investing in cyber insurance can mitigate the financial costs of this event, helping your business to recover.