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.
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 Colorado data breach insurance. Whether you own a local brick and motor business or you operate a Fortune 500 company, Colorado data breach insurance should be a top priority.
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:
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:
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:
CO cyber liability insurance typically does not cover (excludes):
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.
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:
Request a Colorado Data Breach Insurance quote in Anaheim, Bakersfield, Chula Vista, Concord, Corona, Elk Grove, Escondido, Fontana, Fremont, Fresno, Fullerton, Garden Grove, Glendale, Hayward, Huntington Beach, Irvine, Lancaster, Long Beach, Los Angeles, Modesto, Moreno Valley, Oakland, Oceanside, Ontario, Orange, Oxnard, Palmdale, Pasadena, Pomona, Rancho Cucamonga, Riverside, Roseville, Sacramento, Salinas, San Bernardino, San Diego, San Francisco, San Jose, Santa Ana, Santa Clara, Santa Clarita, Santa Rosa, Simi Valley, Stockton, Sunnyvale, Thousand Oaks, Torrance, Vallejo, Victorville, Visalia and all other cities in CO.
The CO Dept. of Insurance is the regulatory agency behind the insurance rules for the state of Colorado. If you want to understand these rules, then this is definitely the agency that you need to focus on. Let’s start with limits within the state.
As for regular insurance regulations there are a lot of things that Colorado provides that you can look up. For example, there are deadlines for the insurer to pay the claim or deny it, deadlines for submitting paperwork to prove a loss for insurance reimbursement, specific information your insurance company is required to give you and regulations on what information you have to provide to your insurance company.
One of the Colorado regulations calls for you to be treated by your insurance company in good faith. This means that your insurer must be considered of your needs and must communicate completely and honestly with you about your policy and everything that you need to know about it in order to make a good decision. In turn, you are legally obligated to be honest and cooperative with your insurance company when it comes to your claim.
You should also be aware that your insurance company is required to offer prompt, honest and complete communications. The company and all of its representatives must respond to your communications within 15 calendar days with a complete response based upon the facts that are known.
Finally, be aware that your insurance company is required to have a fair claims process. Unless it is specified in your policy, you do not have to use the forms that are provided to you by your insurance provider in order to make a claim. You can create a list of losses on your own if you need to. In addition, insurers are not able to ask for unreasonable proof of loss. If you provide photographic evidence or video of items that you lost, insurers are not able to ask you to provide additional information.
If you are looking for state specific Colorado Data Breach Insurance insurance quotes, costs and information:
