Cyber insurance for media and advertising professionals

When your business stores customer credit card numbers, or even email addresses, it opens itself to risk. A hacker could illegally access the data and make purchases using someone else's credit card. They could also send phishing emails to your customers in an attempt to get them to reveal financial information.

Data breaches also happen by accident. For example, a digital certificate could expire, which can make online transactions insecure.

When any of these events happen, your business is responsible for notifying all affected customers and taking on other responsibilities, depending on the data breach laws in your state. The costs of responding to a data breach can add up quickly, which is why you need cyber insurance.

There are a couple kinds of cyber insurance, but most media and advertising businesses only need one. Data breach insurance, also called first-party cyber liability insurance, protects against the financial costs of a data breach at your business.

This policy helps pay for:

• Notifying customers whose personal information was exposed
• Credit monitoring services for affected clients
• Cyber extortion demands
• Data breach investigations
• Legal fees

When you buy insurance, ask your agent if you can bundle this coverage with professional liability insurance. A professional liability policy helps cover legal costs related to your work performance, and bundling policies is a common way to save money on insurance.

Another policy, third-party cyber liability insurance, protects companies that are responsible for another business's cybersecurity. You may need this coverage if you recommend software to another business, or take other actions that make you liable for their system security.

Cyber liability insurance helps media and advertising businesses recover quickly when someone outside your company gains access to sensitive information, or could gain access.

Here are a few examples of incidents where cyber insurance would cover costs:

• Accidental data breaches
• Ransomware attacks
• Phishing

Accidental data breaches are among the biggest cyber risks for media and advertising companies. Misconfigured software settings can result in vulnerabilities that leave personal information unencrypted, or an employee could misplace a laptop with sensitive data on it.

When a data breach exposes personal information, cyber liability insurance will help pay for the cost of notifying affected customers and conducting an investigation to find out what caused the breach.

Ransomware is software that takes your files hostage in return for a ransom. It's a big problem for small businesses, since they typically have weaker security.

If your media or advertising company is hit with a ransomware attack, your cyber liability policy can help pay the ransom so you can get your data back. It'll also cover the cost of figuring out how the attack happened, so you can prevent future cyberattacks.

Phishing emails sent to employees or customers are a way of tricking people into revealing personal information, such as passwords to online accounts. They often mimic a trusted entity – such as your business, a manager, or a popular website.

If one of your employees clicks on a link in a phishing email, or downloads an attachment from an unknown source, the security of your system could be compromised. Cyber insurance will help your business pay any resulting costs, but the best method is to educate your employees to prevent these incidents from happening in the first place.

While cyber liability insurance covers data-related risks, it does not provide complete protection. Media and advertising professionals should also consider:

General liability insurance: This policy covers expenses related to third-party bodily injuries or property damage, including medical bills and legal costs.

Media liability insurance: Also known as professional liability insurance, this policy protects media and advertising professionals against lawsuits related to advertising injuries or work performance.

Business owner's policy: A BOP bundles general liability insurance and commercial property insurance at a discount. It helps pay for common lawsuits and property damage.

Workers’ compensation insurance: This policy is required in most states for businesses with employees. It covers medical expenses and partial lost wages if an employee is injured on the job.

Commercial auto insurance: This policy covers the cost of accidents involving work vehicles. Each state has its own requirements for auto liability insurance.

Are you ready to safeguard your media and advertising business with cyber liability insurance? Complete Insureon’s easy online application to compare quotes from top U.S. insurers. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.