Are you prepared for the next virus? I am not talking about Coronavirus. I am talking about your business systems and cyber security.
Recent events have demonstrated how quickly things can change. Will your business be prepared if the next pandemic is not a medical virus but a computer virus?
Here is what to look for in a cyber policy:
- Liability coverage. Coverage for privacy and security regulatory proceedings.
- Breach response coverage. Coverage for notification costs to comply with state law. Credit monitoring costs. Data restoration. Computer and legal experts. Public relations assistance.
- Cyber crime coverage. Coverage for computer fraud. Funds transfer fraud. Social engineering fraud.
- Business loss coverage. This may be the most important coverage and is a coverage that many cyber policies do not include! This is coverage for system failures and business interruption.
At Kaestner & Berry the cyber underwriters that we work with provide comprehensive coverage that includes all of the coverages listed above. For a solo practitioner the cost can be as little as $450 for an annual policy. The pricing can vary based on your practice, revenues and selected limits of liability.
If you are interested in a separate cyber policy to protect your business, contact your representative at Kaestner & Berry.