Two years ago, the state of Massachusetts, put into affect a law (CRM 17) that mandates every business owner to take measures protecting themselves from identity theft and fraud. The punishment from a breach would result in a $5,000 fine.
Initial steps to mitigate a breach are obtaining the proper firewall, email encryption, and antivirus software for your company’s computer system. The second step is to purchase a Cyber Liability insurance policy.
A Cyber Liability Policy protects you from a breach of personal information that you may possess as a business owner. Most people think that cyber liability coverage only protects you from a hacker stealing information over the web, but what most people do not know is that cyber liability policies can cover paper documents too. Cyber policies can also cover information from a fax machine, a shredder and a copy machine.
A cyber liability policy starts at around $3,000 for up to $1,000,000 of coverage. Many other coverages are available depending on the type of cyber policy that would fit your needs.
Through the Deland, Gibson Difference, our unique business model, which helps manage and mitigate risk, you will be given a risk management plan that will help you control your total cost of risk. A cyber breach can impact a business in more ways than just a personal information leak. An immediate direct expense would be to hire an attorney, which can be costly. An indirect cost would be the loss of customers and industry reputation. Our focus is to help our clients manage their total cost of risk before the loss occurs so they can spend time doing what they enjoy.