Capital Professional Insurance Managers, Inc. (CPIM) offers a number of quality cyber risk/privacy insurance coverages in response to the increasing frequency and severity of data breaches, identity theft, “hacktivist” attacks, and other cyber/privacy events. Because there is no common coverage, CPIM solicits quotations from several quality insurers to obtain the best coverage for your company.
Businesses of All Types and Sizes Are Subject to Risk of Breaches and Hacks
Forty-six states and Washington, DC have enacted privacy laws which require notification of potential and actual breaches of personally identifiable information (PII). There are also a significant number of federal laws/regulations including The Financial Modernization Act of 1997 (more commonly known as the Gramm-Leach Bliley Act or GLB) which include provisions for the protection of personal financial information (PFI). The Financial Privacy Rule and the Safeguard Rule specifically govern the collection and disclosure of PFI and apply to any company. Notification costs can mount quickly, even for a small business. Recent studies estimates the average cost of a data breach is $158 per customer record compromised.
Cyber risk/privacy exposures and costs are growing rapidly. Be sure your business is protected.