Cyber Liability Insurance

Triad Financial Services, Inc has teamed up with Wingman Insurance and Axis Capital to offer a comprehensive cyber insurance solution to manufactured home dealers, brokers, investors, credit unions, lenders, and any other type of business that uses a digital infrastructure to collect, process, and store sensitive data on electronic devices or in the cloud. Giving you access to expert resources and financial support, the cyber liability insurance policies that we provide can help your business recover more quickly and effectively in the event of a cyberattack.

Cyber Liability Insurance

Do You Need Cyber Liability Insurance?

Despite the multiple advantages of doing business on the internet, cyber security threats are a growing concern for small to medium businesses (SMBs). Here is why:

  • 43% of cyberattacks are aimed at SMBs, just like yours; BUT cyberattacks can affect any business, regardless of how small or large it is*;
  • 66% of SMBs have experienced a cyberattack in the last year;
  • 60% of SMBs go out of business within 6 months after a cyberattack;
  • Cyberattacks cost SMBs $200,000 on average;
  • 47% of SMBs are currently vulnerable to cyberattacks;
  • The cost of ransomware attacks has doubled over the past year;
  • The most common types of attacks on SMBs are: social engineering (57%); compromised devices (33%); and credential theft (30%);
  • 75% of SMBs don’t have dedicated personnel to address IT security issues;
  • Cyberattacks are expected to become more prevalent and grow in severity in coming years;
  • A cyberattack can cost a business money, reputation, and customer loyalty.

What Does Cyber Liability Insurance Cover?

Designed specifically for a wide variety of industries, cyber liability insurance policies are meant to help businesses offset the costs associated with cybersecurity threats, including malicious attacks and data breaches.  We provide the following cyber insurance **coverages:

  • First-Party Coverages, which cover the expenses a business may experience after a cyberattack, including:
    • Lost income from business interruptions, regardless of whether your business or a third-party service provider operates the system;
    • Loss of transferred money and other losses related to identity theft;
    • The cost of credit monitoring services;
    • Ransom money and extortion-related expenses;
    • Losses resulting from stolen or corrupted electronic data;
    • The cost of repairing software/hardware;
    • Computer investigations and legal consultations;
    • Public relations, crisis management, reputation management costs;
    • Fines and fees imposed by regulatory organizations due to noncompliance with the PCI DSS;
    • Media liability claims, such as copyright infringement, defamation, slander, and libel that may occur on your website;
    • Other losses resulting from specific business interruptions that aren’t necessarily caused by a cybersecurity incident.
  • Complementary coverages, which can be included in cyber liability insurance policies:
    • Bricking coverage, which covers the replacement cost of electronic devices that have been damaged beyond repair as a result of a cybersecurity incident;
    • Risk mitigation services, including legal consultations in the event of a potential data breach that may have different legal implications;
    • Social engineering, which protects your business from funds transfer fraud situations;
    • Invoice manipulation, which is often related to phishing scams or data breaches involving employee or customer accounts;
    • Telecommunications fraud coverage, which covers financial losses resulting from unauthorized third-party use of your telecom services.

To request a quote or learn more about the coverage you’ll get by opting for the cyber insurance solution that we provide at Triad Financial Services, call us at 401-349-0779 or fill out the contact form!

* https://www.fundera.com/resources/small-business-cyber-security-statistics
** Insurance premium along with the type and amount of coverage vary by policy