In today’s world, doing business online is an everyday occurrence, but for businesses it does carry increased risks. Do you know what your exposure is? TR Insurance is pleased to offer Cyber Liability insurance. To find out if you may need this type of protection, take this 10-question quiz. Your answers to the questions below help determine your level of risk.
Evaluate Your Level of Cyber Exposure
1. Does your business retain physical or electronic records of employees or other third parties with any of the following?
__ Social Security Numbers
__ Drivers’ License Information
__ Tax Identification Numbers
__ Birth dates
__Medical or Health Records
__Court Records
__Police Records
__Banking Information (Checking/Savings Account)
__Email Addresses or Home Addresses
Fact: If any of the above apply to you, your organization is in control of “Personally Identifiable Information,” and therefore, required to protect that data subject to State and Federal privacy and data breach notification laws.
2. Does your business have employees?
__Yes
__No
Fact: Most data breaches involve an employee mistake. They can lose a mobile device, laptop or paper records, or make costly errors such as opening an unauthorized email containing malware. In addition, they can even intentionally steal data.
3. Does your business have an active website?
__Yes
__No
Fact: Material posted electronically, or in written format, may lead to copyright or trademark infringement, or defamation litigation. If the website is transactional, additional exposures include possible hacking or disruption of your business via denial of service attacks.
4. Does your business use third party vendors (e.g. cloud, IT services)?
__Yes
__No
Fact: Businesses in possession of personally identifiable information may be held liable for privacy breaches caused by their vendors or other third parties. As the owner of the data, your business is ultimately responsible for protecting it.
5. Does your business use mobile technology (smartphones, tablets, laptops)?
__Yes
__No
Fact: Loss of mobile devices and the electronic content contained therein is one of the leading causes of data breaches today.
6. Does your business accept credit card payments, electronic payments, or have online bill pay?
__Yes
__No
Fact: Almost 40% of all data stolen is credit card and other payment information. This is a category of data that is highly desired by criminals for resale on the black market.
7. Does your business allow employees to use personal devices to connect to your network?
__Yes
__No
Fact: Personal devices may not have the same security software and other connectivity procedures as company-provided devices. As a result, when these personal devices are connected to your network, there may be a higher exposure to virus or malware threats.
8. Does your business train employees on proper email use and other privacy issues?
__Yes
__No
Fact: Employee negligence and/or errors are one of the top three contributors of lost/stolen data.
9. Does your business store your customers’ corporate confidential information?
__Yes
__No
Fact: Companies face liability for failing to protect their customers’ and business partners’ confidential information.
10. Does your business have access to online cyber risk management tools?
__Yes
__No
Fact: Travelers’ eRisk Hub is an information portal to help your business successfully prevent and respond to cyber events. It includes reference material, news updates and other tools, as well as access to a Breach Coach for a 30-minute consultation if you have a data breach event.
If you answered “yes” to one or more of questions 1–9, your business has exposures which may lead to cyber-related claims or suits. Can you afford to self-insure these exposures?
Contact us today for more information and a quote on Business Cyber Liability insurance.
We are a Trusted Choice independent insurance agency in Collegeville, PA providing auto, home, business, life, health and group insurance in PA, DE, MD and NJ.