Cyber Insurance in New Hampshire

Also providing cyber insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

Insurance24

What is cyber insurance?

Businesses can’t afford to just consider risks in the physical world, but now also must think about the online risks they face. For online and other digital risks, cyber insurance may offer New Hampshire businesses protection against modern digital risks.

Cyber insurance provides specialized coverage for today’s online risks. Policies may protect against a variety of situations where a business could be liable for lost or compromised data.

What New Hampshire businesses should be carrying cyber liability insurance?

Almost every business in New Hampshire is exposed to at least some online or digital risks. Cyber liability insurance is something most businesses should consider. The cost of not insuring could be quite expensive if there’s a breach or other incident that affects customer data. 

To see how this insurance could be helpful across businesses and sectors, consider the following examples of businesses that could have an issue with customer data:

• An investment advisor is successfully hacked, with the hacker obtaining customer account numbers.
• An attorney accidentally emails confidential documents to opposing counsel, potentially weakening the client’s case.
• A healthcare provider accidentally sends electronic health records to unauthorized individuals, violating HIPAA regulations.
• A gas station has a credit card skimmer installed on one of its pumps, with multiple customers’ credit card numbers being stolen.
• A remote employee working at a coffee shop has their laptop stolen, compromising sensitive data stored locally on the machine.

In many other scenarios like these, businesses could face significant financial liability for the loss or compromise of customer information. An insurance agent specializing in cyber liability can review what scenarios a specific policy would likely cover.

What coverages are included within cyber liability policies?

Cyber liability insurance generally covers costs for which a business might be held financially responsible following a data breach or other online incident. Typically, these policies cover legal defense fees, attorney costs, and settlements arising from covered claims. 

The exact protections that a policy affords are determined by the coverages that it comes with. Some coverages that might be found in a policy are:

• Employee Privacy Liability Coverage: Usually covers compromised employee personal data, like Social Security numbers or direct deposit information.
• Network Security Privacy Liability Coverage: Usually covers data breaches stemming from non-compliance with federal or state regulations, such as HIPAA.
• Electronic Media Coverage: Usually covers claims related to trademark infringement, plagiarism, or defamation that are filed over content disseminated digitally.

Do cyber liability policies cover data breaches resulting from third parties?

Sometimes businesses can be held liable even if a data breach is the fault of a third party. For example, a business might be sued even if it’s the business’s vendor or cloud software provider that data is stolen from. Laws generally don’t prevent affected parties from at least filing a lawsuit.

Not all policies provide coverage for third-party breaches, but protection is typically available through some policies. An insurance agent specializing in cyber liability can help explore policies’ coverages if this specific protection is needed.

What sorts of claims are covered by cyber liability policies?

Exactly what a particular cyber liability policy covers depends on that policy’s terms. In most cases, however, claims such as the following may be covered:

The range of claims covered by cyber liability insurance can vary due to the relatively nascent nature of this insurance type. However, common types of covered claims often include:

• Employee theft of digital data
• Network security breach
• Other online attack
• Accidental data breach due to human error

When there’s a covered incident, a policy might help pay for credit monitoring, data recovery, and a portion of lost revenue.

Where can New Hampshire businesses get cyber insurance?

If your New Hampshire business needs cyber insurance, reach out to the independent insurance agents at Insurance24 for help. We’ll help you determine coverage needs, and then find the best policy option that meets your business’s specific needs. Together, we can make sure your business’s digital information is protected well.