Washington Data Breach Insurance (QUOTES, COST & COVERAGE)
Get data breach insurance quotes, cost & coverage fast. WA 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.
Washington 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 Washington Data Breach Insurance?
Washington 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 Washington 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.
Washington 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 Washington 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 Washington 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 Washington Data Breach Insurance Doesn’t Cover
WA 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 Washington Data Breach Insurance Cost?
How much does Washington 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
- Washington 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
WA Data Breach Insurance Quotes
Request a Washington Data Breach Insurance quote in Auburn, Bainbridge Island, Bellevue, Bellingham, Bothell, Bremerton, Burien, Camas, Des Moines, Edmonds, Everett, Federal Way, Issaquah, Kenmore, Kennewick, Kent, Kirkland, Lacey, Lake Stevens, Lakewood, Longview, Lynnwood, Maple Valley, Marysville, Mercer Island, Moses Lake, Mount Vernon, Mountlake Terrace, Mukilteo, Oak Harbor, Olympia, Pasco, Port Angeles, Pullman, Puyallup, Redmond, Renton, Richland, Sammamish, SeaTac, Seattle, Shoreline, Spokane Valley, Spokane, Tacoma, Tukwila, University Place, Vancouver, Walla Walla, Wenatchee, Yakima and all other cities in WA.
Washington Insurance Rules & Regulations
In Washington State, there are certain types of insurance that you should be aware of. We will be covering the limits and regulations of insurance within the state. You should be aware of these because if you operate a business, there may be certain types of insurance that you are required to carry. In addition, even if you do not have a business, there may be certain types of insurance regulations that you should familiarize yourself with. We will be taking a close look at insurance regulations for both personal and commercial here.
WA Commercial Insurance
For business liability insurance, what you should be aware of is that Washington does not require businesses to carry business liability insurance in order to operate. Washington is a pure comparative fault state which means that an insurance adjuster must first assess fault and name the adjuster or a court will reduce the award proportionate to the fault of the plaintiff. Businesses may carry business liability insurance in order to protect themselves against these types of claims.
However, Washington does require anyone who employs at least one person full-time or part-time to carry Worker's Compensation insurance to protect them if they are injured on the job. Washington does not require any type of disability insurance for businesses nor do they require commercial vehicles to carry commercial auto insurance.
Washington Personal Insurance
There are two types of personal insurance that you should be aware of. The first is auto insurance requirements. In Washington State, you are required to carry 25 000 USD per person and 50 000 USD per accident in bodily injury coverage. You are also required to carry 10 000 USD in property damage as well as uninsured/underinsured bodily coverage of 25 000 per person and 50 000 USD per accident.
There are two life insurance regulations to be aware of in Washington State. First, be aware that there is no free look period like there is in most states. If you sign up for life insurance, you are not able to cancel within 10 days in order to get a refund on your policy premium. However, there is a law that requires timely payment on insurance claims in the state of Washington. In fact, the state requires that the beneficiaries account start accruing interest on the day of death. That means that insurance companies will have to pay more for each day that they fail to pay the benefit. There is also a misrepresentation law when it comes to life insurance in Washington.
Different States Data Breach Insurance
If you are looking for state specific Data Breach Insurance quotes, costs and information: