Colorado Data Breach Insurance (QUOTES, COST & COVERAGE)
Get data breach insurance quotes, cost & coverage fast. CO 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.
Colorado 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.
Who’s Need Colorado Data Breach Insurance?
Colorado 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 Colorado 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.
Colorado 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 Colorado 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 Colorado 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 Colorado Data Breach Insurance Doesn’t Cover
CO 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 Colorado Data Breach Insurance Cost?
How much does Colorado 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
- Colorado 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
CO Data Breach Insurance Quotes
Request a Colorado Data Breach Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at 468 010 USD with a higher limit set at 936 030 USD for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from 500 000 USD to 1 000 000 USD in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least 25 000 USD per person and at least 50 000 USD per accident in liability insurance; as well as an additional 15 000 USD for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
Different States Data Breach Insurance
If you are looking for state specific Data Breach Insurance quotes, costs and information: