Businesses should take caution and consider several things before choosing an insurance partner to comply with Cyber Security issues as well as new or impending legislation.  With all the media attention on data breaches, many insurance companies are “jumping on the bandwagon” to sell insurance coverage for this product, which is now in the spotlight and in high demand. 

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With the new and emerging threat of cyber crime, businesses all over the globe are at an extremely high risk of a data breach exposure with very little knowledge of how to protect and insure against the costly risk of an actual breach.  Developing an aggressive data breach plan and partnering with an experienced leader in Cyber Insurance is essential in protecting your business and your assets.

Below are several things to consider before purchasing cyber-liability insurance:

  1. Insurance Carrier Rating – Choose an A.M. Best “A” rated company with a strong financial backing that will be able to handle claims.
  2. Long-term Experience in Cyber Liability Insurance –It is imperative that the insurance carrier has long-term experience with systems that have been in place and developed specifically for preventing, monitoring, responding and providing legal support for data breaches.
  3. Extensive Risk Management Program – The best defense is a good offense.  Learning how to protect your business before the breach is vital.  Having a comprehensive plan to prevent a data breach is essential, with step by step instructions, training modules and support from professional IT and legal teams to help businesses know what steps they must take to comply with legislation.
  4.  Monitoring Systems and News Alerts – An insurance provider should monitor alerts and provide their clients with ongoing information about industry specific legislation that might cause a liability exposure, as well as train staff on “red flags” that may cause exposure.
  5. Aggressive Breach Response Plan – Time is money, and a swift organized response is critical.  Ask to see what the Breach Response Plan entails.
  6. Agent Should Have Industry Specific Knowledge – Choose an agent that is well educated in your specific industry.  An agent that is not extensively familiar with specific industry needs may miss something that will put the business at unnecessary risk due to lack of knowledge.
  7. Dedicated Cyber Insurance Policy – A dedicated insurance policy with a comprehensive Data Breach Plan is essential.  Adding Cyber Liability Insurance as a rider on an existing Liability Insurance policy may not offer a comprehensive Data Breach Plan thus there may be a lack of prevention protection and dangerous coverage gaps.

Read complete Experian Report 2014 Data Breach Industry Forecast.

The Optometric Protector Plan is a comprehensive insurance program designed to meet the insurance needs of today’s Eye Care Professionals.  Since 1969, the OPP has been dedicated to the Optometrists nationwide, providing professional liability, general liability, employment practices liability, property, workers’ compensation, umbrella coverage, cyber liability coverage, as well as disability and business overhead and long-term care insurance.

Cyber Liability Coverage is not available in New York.

For more information or to request a quote, visit our website or call toll free at 1-888-297-5230.