Get data breach insurance quotes, cost & coverage fast. TX 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.
TX 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 Texas data breach insurance. Whether you own a local brick and motor business or you operate a Fortune 500 company, Texas data breach insurance should be a top priority.
Who's Need Texas Data Breach Insurance?
Texas 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 Texas 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.
Texas 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 Texas 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 Texas 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 Texas Data Breach Insurance Doesn't Cover
TX 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 Texas Data Breach Insurance Cost?
How much does Texas 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
- Texas 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
TX Data Breach Insurance Quotes
Request a Texas Data Breach Insurance quote in Abilene, Allen, Amarillo, Arlington, Austin, Baytown, Beaumont, Brownsville, Bryan, Carrollton, College Station, Corpus Christi, Dallas, Denton, Edinburg, El Paso, Flower Mound, Fort Worth, Frisco, Garland, Grand Prairie, Houston, Irving, Killeen, Laredo, League City, Lewisville, Longview, Lubbock, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Odessa, Pasadena, Pearland, Pharr, Plano, Richardson, Round Rock, San Angelo, San Antonio, Sugar Land, Temple, The Woodlands, Texarkana, Tyler, Waco, Wichita Falls and all other cities in TX.
Texas Insurance Rules And Regulations
In Texas, there are certain regulations governing insurance that you should be aware of. We will be discussing some of the personal and business insurance types that are mandated by law, as well as insurance types that are not necessarily mandated by law but may be useful. For example, almost every business out there carries commercial liability insurance even though there is no law stipulating that general liability must be carried by a business in order to operate within the state. We'll be looking closely at the regulations and these types of insurance in TX.
Texas Business Insurance
When it comes to business insurance, there is one type of insurance that is most common above all others - general liability insurance. This is sometimes called commercial liability insurance, and it provides payments for those businesses that have legal trouble as the result of something happening on their premises. There are many different things that general liability covers, and since businesses do not have total control over what can happen on their property, most business carry it.
However, there are also certain types of business insurance that are required by law. However Texas is a lot less stringent when it comes to insurance than most of the states out there. In fact, the only type of insurance that you can apply to business that is regulated by law is the state-mandated insurance limits that are required for drivers. Most states require Workers Comp, and most of them also require commercial auto insurance for commercial vehicles. However, Texas does not have this requirement.
TX Personal Insurance
There are a couple of different types of insurance that will be discussing in this section. Many states require that commercial vehicles carry commercial auto insurance, but in Texas, it is simply required that all drivers carry $30,000 for bodily injury liability for a single person and $60,000 per accident as well as $25,000 for property damage. This is sufficient for both personal insurance and commercial insurance.
As for life insurance, they are regulated by certain state statutes in Texas and cover things like a 30 day grace period for payments and protection of death claim from bankruptcy. These are the only two types of life insurance regulations that are present within the state of Texas. Texas does not provide a free look mandate like many of the states out there.
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.