Get data breach insurance quotes, cost & coverage fast. KY cyber liability insurance helps cover the costs of a data security breach for with coverage like identity protection, public relations, legal fees, liability and more.
KY Data Breach Insurance
Technology is a valuable asset and offers a tremendous amount of benefits; however, there are certain aspects of technology that make it very worrisome. Data breaches and cyber attacks have become commonplace. It isn't just small companies that are subject to breaches and attacks; mega-corporations are susceptible to them, too.
Take the huge Equifax data breach that occurred in September of 2017 for example. During this breach, highly sensitive data was compromised, including social security and driver's license numbers, making it one of the worst breaches in history.
These types of situations highlight the importance of Kentucky data breach insurance. Whether you own a local brick and motor business or you operate a Fortune 500 company, Kentucky data breach insurance should be a top priority.
Who's Need Kentucky Data Breach Insurance?
Kentucky data breach insurance (also known as cyber liability) is beneficial for any business that relies on technology to conduct operations. It will behoove any organization that does any of the following to invest in this type of coverage:
- Communicates with clients through email, social media, or text messaging.
- Sends or receives electronic documents.
- Uses forms of electronic media for advertising purposes; social media channels or a website, for example.
- Uses a computer network to store pertinent data; accounting records, sales projections, or tax documents, for example.
- Sells goods via a website.
- Stores information that belongs to clients or employees on a computer network; names, addresses, credit card numbers, medical records, dates of birth, social security numbers, or personal identification numbers, for example.
What Does Kentucky Data Breach Insurance Cover?
When a data breach or cyber attack occurs, your business and the people it services are at risk of having sensitive information compromised. Personal identification numbers, social security numbers, birth dates, medical records, credit history, and various other types of important information can be stolen by whoever is being the attack. Several tragic things can occur as a result of a data breach or cyber attack; for example, identities can be stolen and credit can be destroyed.
Kentucky data breach insurance, also known as cyber liability insurance, aids in covering the costs of the issues that arise as a result of a breach in data security. For instance, this insurance can help to pay for identity protection solutions, legal fees, public relations, liability, and so much more.
From an insurance point of view, two different types of data breaches can occur: breaches that affect a business, and breaches that affect the clients of a business. There are two different types of insurance for these two different types of data breaches:
First Party Kentucky Data Breach Insurance. This type of cyber liability coverage will help to pay for the costs of the losses a business faces when hit by a cyber attack or data breach. To be more specific, first party data breach insurance covers:
- Forensic and legal expenses; the cost of any investigations that could be associated with the breach of records.
- The expenses that are associated with crisis management and letting clients know that a breach has occurred.
- Good faith advertising costs; the expenses that are associated with advertisements that are created to announce the breach to the public and any publicity that may result from the announcement.
Third Party Kentucky Data Breach Insurance. This type of cyber liability coverage assists with the costs that are associated with any lawsuits that may arise after a data breach has compromised the data of a business' clients. In more detail, third party insurance covers:
- The culmination of the losses that result from any lawsuits clients may file against a business, as well as the cost of any other type of legal actions that a company might face as a result of a breach of data.
What Kentucky Data Breach Insurance Doesn't Cover
KY cyber liability insurance typically does not cover (excludes):
- Breaches of protected information in paper files.
- Claims brought by the government or regulators.
- Negligence - The failure to install software updates or security patches.
- Unencrypted data.
- Vicarious liability - For data entrusted to a third-party vendor that is subsequently breached.
How Much Does Kentucky Data Breach Insurance Cost?
How much does Kentucky data breach insurance cost? The cost of this type of coverage varies depending on the type of data breach insurance you choose and the amount of coverage you opt for. Cyber liability insurance premiums are calculated on a company's industry, services, type of sensitive data stored or collected or processed, the total number of PII/PHI records, computer and network security, privacy policies and procedures and annual gross revenue, and more.
List Of Large Data Breaches
This list shows just some if the companies whose customer data was compromised in just 2016 and 2017 - it is hard to imagine how much damage the breach caused the companies, insurers and most important customers or account holders:
- Adult Friend Finder
- America's JobLink
- Blue Cross Blue Shield / Anthem
- Bronx Lebanon Hospital Center
- Brooks Brothers
- Kentucky Association of Realtors
- Deep Root Analytics
- Dun & Bradstreet
- E-Sports Entertainment Association (ESEA)
- FAFSA: IRS Data Retrieval Tool
- Forever 21
- Heartland Payment Systems
- Home Depot
- Hyatt Hotels
- InterContinental Hotels Group (IHG)
- JP Morgan Chase
- Maine Foster Care
- Online Spambot
- River City Media
- RSA Security
- SVR Tracking
- Sabre Hospitality Solutions
- Saks Fifth Avenue
- Sony's PlayStation Network
- Target Stores
- TalentPen and TigerSwan
- TIO Networks
- TJX Companies, Inc.
- U.S. Securities and Exchange Commission (SEC)
- UNC Health Care
- University of Oklahoma
- US Office of Personnel Management (OPM)
- Washington State University
- Whole Foods Market
- Xbox 360 ISO and PSP ISO
Further Reading On Cyber Liability Insurance
KY Data Breach Insurance Quotes
Request a Kentucky Data Breach Insurance quote in Alexandria, Ashland, Ashton, Bardstown, Berea, Bowling Green, Burlington, Campbellsville, Covington, Danville, Edgewood, Elizabethtown, Erlanger, Fayette, Florence, Fort Knox, Fort Thomas, Francisville, Frankfort, Franklin, Georgetown, Glasgow, Henderson, Hopkinsville, Independence, Jeffersontown, Lawrenceburg, Lexington, Louisville, Lyndon, Madisonville, Mayfield, Maysville, Middlesborough, Mount Washington, Murray, Newport, Nicholasville, Ownesboro, Paducah, Paris, Radcliff, Richmond, Shelbyville, Shepherdsville, Shively, Somerset, St. Matthews, Versailles, Winchester and all other cities in KY.
Kentucky Insurance Rules
In KY, there are some insurance regulations that you should be aware of before you start your business or even strike out on your adult life. We will be looking at both business and personal insurance, and the regulations that affect consumers that get these types of insurance. Let's look at personal and business insurance in greater detail according to the regulations in Kentucky.
KY Business Insurance
The first regulations to be aware of is the regulations governing business insurance in Kentucky. Like most states, Kentucky does not require businesses operating in the state to carry commercial liability insurance.
Kentucky is a pure comparative negligence state which means that the plaintiff can recover damages even if they are 99 percent at fault. There is also no personal injury in Kentucky and the statute of limitations is one year.
There are also some mandatory types of business insurance that are required in Kentucky. One type is required in almost all 50 states and is known as Worker's Compensation insurance. In Kentucky, if you have at least one full or part-time employee, then you're required to carry Worker's Compensation insurance. If you have a sole proprietorship where you are the only worker, then you're not required to carry.
You can contact the Kentucky Labor Cabinet to find out about exemptions. The only other type of mandated business insurance in Kentucky is commercial auto insurance if the vehicle is used regularly as part of the business.
Kentucky Personal Insurance
There are a couple of different types of personal insurance regulations that we will be covering. The first is auto insurance. In Kentucky, drivers are required to carry liability coverage that is $25,000 per person or $50,000 per accident as well as $10,000 for property damage. This is pretty much standard for auto insurance in most of the other states out there. Some are a little higher and some are lower.
There are also certain regulations governing life insurance in Kentucky. Life insurance is a regulated industry with the rules listed in Title 25 Chapter 304. One regulation is that Kentucky residents are permitted what is called a free look. That is available in almost every state. Illinois residents can have life insurance for 10 days and if at the end of those 10 days they have evaluated their policy and do not like it they can cancel for a full refund. In addition, Kentucky insurance companies must provide a grace period of 30 days.
If you are looking for state specific Data Breach insurance quotes, costs and information: California Data Breach Insurance, Colorado Data Breach Insurance, Delaware Data Breach Insurance, Florida Data Breach Insurance, Illinois Data Breach Insurance, Kentucky Data Breach Insurance, New Jersey Data Breach Insurance, New York Data Breach Insurance, Oregon Data Breach Insurance, Pennsylvania Data Breach Insurance, Texas Data Breach Insurance, Washington Data Breach Insurance.