Cyber-security is an increasing concern for businesses, consumers and government authorities. According to experts, there were over 1.5 million noted cyber-attacks last year. Despite everyone’s best efforts, countless cyber-security threats and attacks go undetected and unreported every year. This year some of the largest names in American business and finance were hit by cyber-security breaches and attacks, shaking consumer confidences’ and employers’ confidence.
In October, President Obama signed a new Executive Order directing the government and government contractors to improve cybersecurity for transactions and sensitive data. The new BuySecure Initiative is aimed at protecting consumers from identity theft by strengthening security features in credit cards and the terminals in which they are processed. The Executive Order mandates that any government agencies that processes payments employ enhanced security features including “chip and pin” technology. According to reports some 15,000 large American corporations have promised to use machines that employ the chip and pin technology by next year. American Express Is expecting to spend $10 million to replace credit card machines at small businesses and MasterCard has pledged to provide consumers with free identity theft monitoring.
Has your SF operation taken steps to reduce exposures to data leaks and security breaches?
Aside from beefing-up security measure and data encryption tactics, San Francisco businesses should consider adding cyber liability coverage to their current business insurance program. Experts believe that even the most proactive digital data security practices and measure are not always enough to fully prevent data leaks and other sensitive information exposures. SF Cyber Liability coverage is designed to protect your businesses from losses incurred by a cyber-attack.
At Cal-Nevada Insurance Agency, we offer a variety of cyber liability insurance policies to cover costs associated with cyber errors and cyber-crime as part of our comprehensive business insurance portfolio. Our SF Cyber Liability coverage specialists can help can help secure coverage for costs you might incur from handling a cyber-related crisis, including legal costs, notifications, forensic reviews, and software rebuilds, among other things. We’ll sit down with you to craft a policy that will meet your unique needs and exposures. Give our SF Cyber Liability coverage specialists a call today at (866) 670-5948 to learn more about our operation and San Francisco business solutions.