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George J. Smith
& Son Insurance

247 Broad Street
Milford, CT 06460

Phone: 203-878-4641
Fax: 203-876-9886

Hours of Operation:
Mon - Fri 8:30AM to 5:00PM
Saturday - By Appointment
Sunday - Closed

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Information Security and Privacy Liability

Information Security and Privacy Liability Insurance, also know as Cyber Liability Insurance, is vital to any business that electronically stores or transmits client data. Whether a sole proprietor or a multinational corporation, understanding and appreciating the types of expenses and liabilities that a business may face if its computer networks are breached is vital. Getting hacked, misplacing a laptiop, improperly disposing of records and disgruntled employees can pose serious threats to any business, including:

  • Loss of personally identifiable information including social security numbers, financial information and medical records.
  • Loss of business while network servers are down or being repaired.
  • The cost to retain a computer forensic firm to determine the extent of the damage.
  • The cost to notify your clients and provide them with credit monitoring services.
  • Secondary liability costs and defense expenses associated with actions by vendors, credit card payment processors, customers and regulatiors.

Most people are under the false assumption that their Commercial General Liability policy or Commercial Crime polic will cover them in the event of a cyber attack. In order to obtain adequate coverage, it is imperative that a business purchase an Information Security and Privacy Liability policy which will generally provide coverage for:

Breach Notice Costs - When a business's security is breached, it may be required by law to provide its clients with credit monitoring services. A cyber liability policy will provide coverage for these costs.

Damages and Defense Costs - Provides coverage for defense costs arising from lawsuits due to a security breach and any legal liability arising from failure to comply with state breach noice laws.

Service Provider Breach - Provides coverage for security breches to outsourced third parties or service providers.

Business Interruption & Data Restoration - A Cyber Liability policy can help cover costs for getting your network back online and restoring lost or damaged data.

Cyber Extortion - If a malicious hacker holds your vital information for a reansom, a Cyber Liability policy can help to pay for a security form to track down the hacker.

Since 2005, there have been over 350 million records that have been compromised due to security breaches. Maintaining the proper care of personal information of your clients has come unde rheavy scrutiny by federal, state, and local authorities and is a target from hackers and disgruntled employees who can steal information for identity teft. The threats are iminent, but your exposure doesn't have to be. Please contact George J. Smith & Son Insurance today to speak with a cyber liability specialist.




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Note: Per our "Terms of Service" (TOS) agreement, descriptions of insurance coverage on this site are for informational purposes only and may not apply, or be included on your policy. Please contact us to confirm coverage provided on your insurance policy or policies your are contemplating purchasing.