Cyber insurance covers your business’ liability for a data breach that includes sensitive customer information. This could include things like Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and even medical records.  Only 35 percent of companies invest in cyber-liability insurance, even though studies show that more than 72 percent of data breaches occur in small-to-medium-sized businesses. Failure to notify the affected individuals “without unreasonable delay” could cost your agency up to $1.5 million in fines from the federal government. Add this to the $200,000 average cost to comply with notification laws, the legal liability, and the reputational harm caused by the breach, and you can quickly see how this exposure could devastate your agency.

IIAG has partnered with Arlington/Roe & Co., Inc., to offer members an exclusive Beazley product to help protect their agencies. This holistic risk management program helps train staff on privacy compliance in addition to handling data breach notification and third party suits.