Cybercrime Coverage
Cybercrime Coverage

Cybercrime Coverage

Believe it or not, you’re a target. Here’s how to mount your defense.

For companies in the automotive aftermarket business, one of the biggest threats comes from loss of customer data—names, addresses, credit and debit card numbers, even information like license plate and driver’s license numbers. As a business owner, you may be held responsible if a data breach occurs and customer information is stolen. Additionally, new privacy laws may require you to notify every affected customer. And those costs can add up fast.

As new technologies have made it easier to attack thousands of companies at once, businesses like yours have become the preferred targets of cybercriminals and fraudsters. These attacks exploit the fact that, for many companies, cyber security is just not a prime concern. It’s time to take a stand.

The Rising Cost of a Breach

The cost of a data breach is rising, and fast. According to the IBM sponsored Cost of a Data Breach Study, the average cost incurred for each stolen record is $158. Now multiply that by hundreds or even thousands of customers.

That’s why cyber insurance coverage is so crucial. It provides an
essential layer of protection for your company against a wide range of technology-related risks, and helps you cover the rising cost of a
data breach.

To learn more contact:
Franco Ganino
(800) 390-9099

The Lowdown on Cyber Insurance

Fact: Most general liability insurance policies don’t cover cyber risks. It’s time to make a plan to protect your business, your assets, and your reputation, and a solid cyber insurance policy is an important component.

Cyber insurance policies cover:
■ Legal action by customers in the event of a breach
■ Security failures that result in unauthorized access to or dissemination of private information on the Internet
■ Intellectual property infringement, trademark infringement, and copyright infringement
■ Disparagement of products or services, libel, slander, defamation, and invasion of privacy
■ Security failures that result in harm to third-party systems or that render your clients’ or customers’ systems unavailable

Additional coverage provisions should include:
■ Business interruption
■ Privacy notification, crisis management, and disclosure
■ Fraudulent or malicious acts by employees
■ Security maintenance
■ Disclosure for outsourced data processing and data storage services
■ Hacker and cyberattack incidents

To help protect your business in the event of the breach, it’s a good idea to make sure that privacy notification expenses are covered even is there is no claim or regulatory requirement.

Where once “security by obscurity” (the theory that smaller operations were insulated by virtue of their size and profile) was a viable tactic, the very nature of today’s interconnected technologies has opened up nearly any organization to the threat of cybercrime.

The automotive aftermarket is no exception. Cyber risk is a real threat with high-stakes implications. What’s your defense?

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