Data breaches are complicated and costly. In 2019, our annual survey of business owners found that:
86 Percent of business owners believe that digital risk will continue to grow
35 Percent of business owners who have never experienced a cyber-attack are unaware of the financial cost to recover, highlighting a dangerous gap in knowledge from the implications.
30 Percent of companies with 11-50 employees do not provide any type of formal training on cybersecurity.
With cyber-attacks becoming more frequent, there’s a growing chance that a business like yours will suffer a data breach or computer attack. That’s why you need protection to help offset the devastating effects it can have on your business from a financial and reputation standpoint.
Cyber risk solutions
Along with cyber insurance coverage, you have access to experts to guide you through compliance with state breach notification laws to avoid fines and penalties.
Expenses that are typically covered include costs associated with:
Notifying customers about a data breach
Providing credit monitoring services as required by some states
Setting up a call center for affected individuals to obtain additional information and sign up for credit monitoring
Protecting your electronic data and computer systems from damage and computer attacks
Assisting with any associated legal expenses
Cyber liability coverages and services
Data compromise protection
Data compromise protection covers employee and customer information in the event of a hacking, physical theft of electronic data or hard copy files, procedural errors or fraud. Data compromise protection includes:
Forensic information technology services to help determine the nature and extent of an electronic breach
Personal services for those affected, including a helpline, credit monitoring and case managers for victims of identity fraud
Services provided by a professional public relations firm to review and respond to the potential impact of the data compromise
Legal defense costs
Identity recovery protection
Identity recovery protection helps identity fraud victims restore their credit history and identity records to pre-theft status. Coverage and services extend to key owners, their employees, and resident family members. Identity recovery protection includes:
An identity theft helpline staffed by counselors and specialized case managers
Services to correct victims’ records to pre-theft statuses, such as writing letters to credit bureaus and other institutions, as well as preparing communications to send to government agencies
Expense reimbursement for lost wages, various legal fees, and more
CyberOne protects your business against damage to electronic data and computer systems from a virus or other computer attack. It also protects your business’s liability to third parties that may have suffered damage due to security weaknesses in your business’s computer system. CyberOne helps pay for:
Restoring and recreating data
Restoring a computer system to its pre-attack level
Lost business and extra expenses
Public relations services, to communicate with outside parties concerning a computer attack and the insured’s response
Loss control & risk management
When you insure your business with Nationwide, you get access to our risk management resources, including eRiskHub. With eRiskHub, you’ll get a better understanding of your data information exposures so you can be prepared for a cyberattack or data breach.
Key features of eRiskHub include:
An incident response plan roadmap, which provides suggested steps to take following a cyberattack or data breach
Online training modules on privacy best practices and red flag rules
Risk management tools, including self-assessments and state breach notification laws
An eRisk resources directory
A news center with cyber risk stories, security and compliance blogs, security news, risk management events, and helpful industry links
A learning center with best practices and white papers written by leading authorities