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Cyber Liability Insurance


What You Need to Know!

A recent report indicated that Cyber risk remains the most underestimated risk by business owners today. Cyber-attacks, corporate data breaches, privacy concerns, intellectual property theft, and the impact of business interruptions after a cyber-attack are more common today than ever before, and is expected to grow significantly withing the next 5  to 10 years.

So what is Cyber Liability Insurance and how can a Cyber-attack affect your business?

Cyber Liability Insurance provides for liability coverage in the event that your business experiences a data break event, in which your customers’ personal information (such as Social Security or credit card numbers) is exposed, or stolen by a hacker or other criminal who has gained access to your electronic network.

How Hometown Can Help You:

  1. Hometown will complete an honest assessment of your businesses vulnerabilities to help you identify your risks, and existing gaps in coverage.
  2. Hometown works with insurance carriers who reward your efforts, such as the encryption of your employees’ mobile devices, with discounts by offering lowering deductibles and premiums.
  3. Hometown checks for coverage gaps. Some firms believe their coverage is complete after adding cyber riders to general business insurance, but there can be gaps. Hometown will help identify those gaps to avoid having a policy “full of holes.”
  4. Hometown will custom tailor the policy for you. For example, a $1 million dollar policy may offer only $250,000 in coverage sub limit for each of four potential claim categories, including legal expenses and hiring a forensic company to analyze damage. But insurers can increase those sub limits without changing the overall limit.
  5. Hometown provides for 1st and 3rd party coverage, which is commonly excluded under your general insurance policy.


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Hometown Recommendations:

  • Businesses need to spot key vulnerable assets and also address areas such as employee vulnerabilities or over-reliance on third parties
  • Businesses should create a cyber security culture and tackle cyber rick using a “think tank” approach – knowledge sharing from different departments of your company.
  • Hidden risks can emerge. M&A activity and changes in corporate structures can impact security and the holding of third party data.
  • Companies should decide which risks to avoid, accept, control or transfer
  • Cyber coverage should address business interruption and close gaps between traditional coverage and standalone cyber policies
  • Cyber exclusions in property/casualty policies will likely become more common. Therefor standalone cyber insurance should be viewed as the main source of comprehensive coverage.