As cyber threats continue to impact businesses of all kinds, heightened network security is at the forefront of business concerns. Emergency service providers collect and store various types of patient information, and as a result they are at risk for cyber-attacks. To protect against these breaches, equip your clients’ facility with Fire Department Cyber Liability Insurance.
According to a recent study conducted by Ponemon Institute, emergency service organizations are high value targets of cybercriminals due to the large amounts of confidential information collected and stored, including patient medical records, personal and organization information, and sensitive corporate information highly sought after for identify theft and financial fraud. With that being said, here are some other motives for carrying cyber liability insurance.
It’s Affordable
Considering the average cost of a cyber-breach has already exceeded the multimillion dollar mark, having coverage really pays off and mitigates financial risk. An insurance professional should be consulted to determine the types and pricing of products that fits the business’ specific needs.
It Covers a Broad Scope of Issues
Not only does this policy protect against the obvious direct costs associated with breaches such as business interruption, legal fees, and notifying customers, but it also extends coverage to outside professionals to help manage the attack. This includes lawyers, public relations firms, and more.
General Liability Isn’t Enough
Losses as a result of a network security breach are typically not covered under general liability policies. Therefore, this supplemental plan can ensure the entirety of the business is secured.
Lack of Risk Management Team
While larger corporations often have entire staff teams dedicated to network security and risk management, smaller companies typically do not have the funds or resources for such programs. Therefore, cyber liability coverage can bridge that gap.
At Provident Fire Plus, we offer a broad spectrum of policies that have been customized to protect the emergency response industry. We provide tailored solutions to meet your clients’ specific risk exposures and requirements. To learn more about our products, contact our experts today at (855) 201-8880.