The average cost to investigate a data breach and comply with statutory notification requirements was $217 per lost or stolen record in 2015. Multiply that cost by thousands of records, add the costs of regulatory proceedings and lawsuits from groups alleging damages, and a business could quickly be facing a serious financial strain. Philadelphia Insurance Companies' (PHLY) new Cyber Security Liability Endorsement offers both first and third party protection for numerous classes of business.The Cyber Security Liability Endorsement can be added to most PHLY commercial package policies with General Liability coverage. Available coverages include Security Event Costs, Network Security and Privacy Liability Coverage, and Employee Privacy Liability.
"As organizations become increasingly aware of their cyber risk exposures, cyber and privacy liability insurance coverage is becoming a standard insurance protection among commercial accounts of all sizes," commented Kim Hamiltion, Vice President in the Commercial Linesdivision at PHLY. "PHLY's Cyber Security Liability Endorsement has the flexibility to attach to virtually any PHLY-issued policy, making it easier to attract and retain accounts that don't require or have the budget for stand-alone policies with higher limits.
"As with PHLY's stand-alone Cyber Security Liabilitycoverage, the endorsementalso providescoverage for customer notification expenses and credit protection services. For more information onthe PHLY Cyber Security Liability Endorsement, please visit PHLY.com or contact a PHLY MarketingRepresentative at 1-800-873-4552.