Cyber Liability Insurance
Protect Your Business with Cyber Liability Insurance
Nothing signifies changing times more than the rapid technological advances of the last few decades, and with advanced new technologies come new threats and exposures. Virtually all businesses, large and small, are vulnerable to cyber attacks – recent history includes breaches at companies as diverse as ADP, Anthem Insurance, Target, LinkedIn, Yahoo, and even major government entities like the IRS and FBI.
Why Cyber Risk is a Growing Threat
Is your firm at risk? If you collect and maintain data, conduct financial transactions, store health records or credit cards, or maintain employee data electronically — yes. Businesses of all sizes are targets, and CISA offers free cybersecurity resources specifically for small and medium businesses.
One myth is that most problems come from outside hackers, but the threat often comes from inside: employee mistakes, lost equipment, and a failure to take basic safety measures. Another myth is that your current insurance would cover an attack – many of these costs are excluded from standard business coverage.
While we’re proud to call Pennsylvania our home, we’ve helped businesses all across the country manage their risk, and we look forward to helping you too, no matter where you call home.
Potential costs associated with cyber attacks:
- Liability
- Recovering, restoring, updating, replacing electronic systems & assets
- Business interruption
- Compliance with state/federal regulations for customer notification
- Cost of customer remedies, such as credit monitoring
- Regulatory fines or penalties
- Class action lawsuits
- Reputational damage
- Expenses related to cyber extortion or cyber terrorism
What Cyber Liability Insurance Covers
- Data breach response costs
- Notification expenses
- Legal fees
- Regulatory fines
- Ransomware payments
- Business interruption
- Crisis management and PR support
First-Party vs. Third-Party Cyber Liability Coverage
First-party coverage handles your own direct costs from a breach, things like system restoration, lost income, and notification expenses. Third-party coverage addresses claims made against you by others, such as customers or partners affected by the breach.
Industries That Especially Need Cyber Coverage
While virtually every business faces cyber risk, some industries are especially attractive targets due to the sensitive data they handle:
- Healthcare
- Professional Services
- Financial Services
- Technology Companies
- Retailers Handling Payment Data
Our Goal Is to Be Your Outsourced Risk Management Partner
On the scale of business risk, cyber risk is one of the newest and fastest-evolving exposures — and one many business owners underestimate until it’s too late. At Gilbert’s Risk Solutions, we stay current with the evolving insurance mechanisms designed to protect your business, partnering with 100+ of the nation’s premier insurance companies for access to the latest coverage.
Tailored Solutions
Many businesses don’t recognize the scope of their cyber exposure or have adequate staff training, policies, or procedures to minimize risk. As part of our risk assessment process, we’ll advise you of vulnerabilities we identify and help you put risk management measures and the right insurance in place.
360 Degree Approach
We take a 360-degree view of your business to ensure all aspects are secure. Our team of experts in Loss Control, Employee Benefits, HR, and training are all available to our commercial clients, ensuring multi-pronged risk mitigation.
Our RISK SHIELD® Process
Our proprietary RISK SHIELD® Process identifies the extent of your organization’s cyber exposures and puts a loss control plan in place to mitigate them – often through insurance, but frequently through a business process or security measure that reduces the exposure in the first place.
CONSULT
DESIGN
BUILDING
MAINTAIN
Cyber Liability Insurance FAQs
It covers costs like data breach response, customer notification, legal fees, regulatory fines, ransomware payments, and business interruption resulting from a cyber incident.
Typically no – most general liability policies exclude cyber-related losses, which is why a standalone cyber liability policy is important.
It depends on the volume and sensitivity of data you handle, your industry, and your regulatory obligations. Our risk assessment process helps determine the right coverage level.
Contact your insurance carrier and legal counsel right away, secure affected systems, and begin documenting the incident – timing often matters for regulatory notification requirements.
