Hi there! I just renewed my E & O insurance for the next year, and the agent I worked with told me about this new cyber security policy. With all the data breaches even at the top businesses and government agencies, I decided to get this coverage as well. I was wondering if many other notaries carry this type of policy. Thanks, in advance, for your thoughts and replies!
Interesting. What was the cost?
$349 for $250,000 coverage for the year.
What state are you in? Cyber Security Policies have loop holes for venues of coverage. Depends on language in policy. Norton’s offers extra security coverage for a price. I have already been hacked 3 times ~ my information is out there on the dark web. Social Security was hacked few years back, previous employer hacked for Ransome ware and my data with their HR Dept hacked, PayPal account hacked ~ Wells Fargo Bank alerted me ~ dummies reserved hotel in FL and had not checked in ~ I contacted local PD and they arrested them upon arrival ~ gotcha ! Wells Fargo covered my losses but no way to get reimbursed from dark web sites.
Cyber insurance is an insurance product that seeks to safeguard the business from the risks associated with using the Internet, storing and processing data electronically. Cyber insurance covers an organization’s liability in most cases of data compromise caused by cyber incidents. Cybercrime is on the rise, so more and more companies are at risk of data compromise, ransomware attacks, and other types of cyber incidents. This was even written about at https://deepweb.net/. Cyber insurance usually minimizes a company’s losses from a cyber attack. Even if something catastrophic happens, the financial consequences are mitigated.
You are correct ~ cyber insurance is all about the risk. All policies are different and devil is in the details. Large global corporation I retired from had 65 underwriters and Broker was pushing for cyber insurance coverage and board declined. Three years after I retired from the company they were hacked and I received a letter my information was compromised. The only protection I was offered was free credit checks with the 3 primary credit bureaus. Company has a huge IT Dept and it grew twice as big after hack. Didn’t really do that much to protect me. My stuff is already on the dark web not only from this company hack but those on Social Security had their information hacked on Government website and sold are the dark web. So many of us have been hacked and are not aware. As far as support for mitigation, devil is in the details.
The first step in Cyber Security Insurance is a well designed Cyber Security Plan. Things like encryption [files, client information, WiFi, Netowrk, ect.], air gaps, VPNs, and firewalls are the most affective means to protecting yourself and your clients.
The IRS/US Treasury requires Tax Professionals to have written plan in place. We don’t have to provide the plan to IRS/US Treasury. My E&O carrier requires this as well.