IIA of IL Offers Exceptional Cyber Liability Product
Specifically designed to meet the needs of the Independent Agent
"I compared our current policy with the IIA of IL version and even after taking the loss of commissions into play, we saved over $300 and increased coverages."
- Nancy Curtin-Fusinetti, CIC, Operations Manager, Brennan & Stuart, Inc.
Could your agency weather a data security breach?
Would you be surprised to know that 80 percent of businesses that experience one do not recover?
Cyber attacks have increased significantly since 2009. Data breaches are extremely common among smaller businesses. The fact of the matter is that data held by small businesses is low hanging fruit. Hackers know these enterprises lack the security resources of their larger counterparts.
So, how do you know if you need a cyber liability product? Here is the simplest answer, when it comes to data, if you collect it- you own it. If you maintain two or more pieces of private information or process credit cards, you need protection.
Before you decide you do not need or cannot afford a policy, make sure you can afford recovering from a data breach. Responding to a data breach is not only costly (an estimated $200,000) it’s complex. State and federal regulations dictate proper handling of private information. If this information is breached; agents must navigate the laws in 46 different states mandating how victims must be notified. Experts from multiple disciplines; forensics investigators, legal counsel and public relations firms, may be needed to coordinate a response to even the smallest incident. In some instances the cost of a forensics investigator alone can reach up to $340,000.