Information Security and Privacy Insurance in San Mateo, CA 

The digital era is upon us and the onus is now on businesses to adapt or potentially fall behind. However, introducing and implementing technology into your workplace is not a simple process.

You must vet these new programs and advancements to ensure you can manage possible risks and exposures that may be introduced or exacerbated.

Paramount among new and enhanced threats related to technology are data breaches and other cyber incidents.

Fortunately, appropriate loss control measures, such as information security and privacy insurance, can fortify your company’s financial stability.

What Is Information Security and Privacy Insurance?

Also known as cyber and privacy insurance, information security and privacy insurance are key components of many cyber liability insurance policies.

Cyber liability insurance is a more overarching type of insurance that typically consists of several coverages and features intended to financially protect companies from cyber incidents.

These insurance products have become increasingly necessary for organizations of all sizes and across all sectors in recent years, as rising dependence on technology has created new opportunities for cybercriminals.

While information security and privacy insurance is only one of several parts of a comprehensive cyber liability insurance policy, it may be one of the most important.

The financial protections within information security and privacy insurance may provide robust fiscal stability and peace of mind, while also transcending industry lines in terms of their importance. Specifically, insurance security and privacy insurance may help policyholders manage losses and expenses related to the following:

• Data breaches or cyberattacks that result in the disclosure of personally identifiable information for which your business was responsible
• Cyber incidents that result in data stored on your computer systems being damaged or corrupted
• Malware infections of distributed denial-of-service attacks
• Failing to disclose a data breach in a timely manner
• Noncompliance with your business’s own data privacy regulations
• Neglecting to implement an identity theft program in accordance with government regulations or otherwise take appropriate measures to prevent identity theft

The aforementioned circumstances can all result in sizable third-party losses, as clients, customers or partners whose sensitive information is exposed could face significant consequences.

As a result, your business may face costly lawsuits alleging liability for damages. Fortunately, information security and privacy insurance can play a key role in managing these situations, potentially covering legal costs, such as attorney fees, settlements and judgments.

We’re Here to Help

As the Bay Area continues to cultivate innovation, businesses’ technology-related risks cannot be understated. Fortunately, the dedicated team at Silicon Valley Risk & Insurance Services is well-versed in the world of cyber insurance and will work with your company to provide ideal coverage. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.