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Cyber Privacy Insurance

What is Cyber Privacy Insurance?

Cyber & Privacy Insurance protects businesses from financial losses and liabilities caused by data breaches, cyberattacks, and the unauthorized release or theft of sensitive information. It covers costs such as data recovery, legal fees, customer notifications, regulatory fines, and reputation management.

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Why Do Businesses Need Cyber Insurance?

  • Rising Cyber Threats: Cyberattacks like ransomware, phishing, and hacking are more frequent and sophisticated.

  • Data Protection: Covers costs related to the exposure of sensitive customer or employee data (e.g., Social Security numbers, credit cards, health records).

  • Compliance Requirements: Helps meet regulatory obligations (like GDPR, HIPAA, NY SHIELD Act).

  • Financial Security: Avoids major financial disruptions by covering breach response, business interruption, and legal liabilities.

  • Reputation Management: Covers PR services to help restore customer trust and brand image after a breach.

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Who Needs Cyber Privacy Insurance?

  • Businesses That Store Customer Data: Especially those collecting personal, financial, or health information.

  • E-commerce & Online Retailers: High exposure to data theft and payment fraud.

  • Healthcare Providers & Law Firms: Handle sensitive and regulated information.

  • Financial Services & Accountants: Deal with high-risk personal and banking data.

  • Any Business Using Computers or Cloud Services: Even small businesses are targets for cyberattacks.

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