Cyber Insurance in Illinois

Learn more about our cyber insurance coverages and get a quote from one of our knowledgeable independent agents. Providing coverage to residents across Illinois, Arizona, Florida, Indiana, Louisiana, Michigan, Montana, Nevada, New Hampshire, Ohio, Tennessee, Texas, Washington, and Wisconsin.

What is cyber insurance? 

Modern businesses must guard against modern threats, and cyber crimes are one of the most common threats almost all businesses now face. One survey published by the Department of Justice found that 99% of companies with computers reported detecting incidents of cybercrime. Almost no business in Illinois is immune from this threat, and that’s why almost every business should consider cyber insurance.

Cyber insurance can provide specialized liability coverage for certain online crimes and data breaches. When data is compromised, this insurance may help with any costs that follow.

Which Illinois businesses need to carry cyber liability insurance? 

Considering the widespread digital threats, nearly all Illinois businesses should consider cyber liability insurance. Virtually no business is immune, and data breach costs can be quite high. Just a few examples show how diversely this coverage may be needed:

• Investment advisor’s server is hacked, and their clients’ Social Security and account numbers are stolen.
• Attorney accidentally emails confidential documents to the opposing party, potentially compromising their client’s case.
• Healthcare provider mistakenly sends the wrong patient’s ERHs, potentially breaking HIPAA regulations.
• Gas station doesn’t realize someone installed a credit card skimmer on one of its pumps, and customers’ card numbers are stolen.
• Employee falls victim to a phishing scam, and the scam steals customer or client details
• Remote employee forgets their laptop or phone at a coffee shop, thereby compromising any data on the device.

In all of these situations and many similar ones, the parties who have sensitive information compromised might seek to hold the business financially liable. Cyber liability may help with defense fees and settlements in such cases.

What coverages are offered by cyber liability insurance policies? 

Cyber liability insurance policies typically have a few different coverages, each of which protects against a different set of risks. Some coverages that a policy might offer are:

• Employee Privacy Liability Coverage: May apply if there’s a compromise of employee personal data, including Social Security numbers or direct deposit bank information.
• Network Security Privacy Liability Coverage: May apply if there are data breaches that result in non-compliance with federal or state laws, such as violations of HIPAA.
• Electronic Media Coverage: May apply if there are claims made regarding trademark infringement, plagiarism or defamation arising from online content.

Do cyber liability policies cover third-party data breaches?

Businesses that send sensitive data to third parties might be sued if the third party experiences a data breach. For instance, a business that stores data in the cloud might have to consider this risk.

Protection for third-party breaches isn’t a standard protection in cyber liability policies, but select policies might cover these claims. An insurance agent who’s knowledgeable in cyber liability coverages can help check for a policy that’ll include third-party claim coverage.

What types of claims do cyber liability policies cover? 

The specific protections that a cyber liability policy offers are contingent on its terms. Generally, policies may cover risks such as:

• Employee theft of digital data
• Network security breaches
• Online attacks
• Phishing schemes
• Accidental data breaches 

Accidental breaches may be covered even if they’re caused by simple human error. Again, exactly whether they’d be covered depends upon a specific policy’s terms.

In the event of a covered claim, a policy might help pay for credit monitoring that affected parties need, recovery efforts to regain any lost data, and some of the revenue that’s lost as a result of the breach.

Where can Illinois businesses get cyber insurance? 

For help finding cyber insurance in Illinois, connect with the independent agents at Gee-Schussler Insurance. We can help you find a policy that’ll keep your business protected, and we’re able to show you the best option regardless of what insurance company offers it.