About Us

INSUREtrust is a nationwide wholesaler of specialty coverage for emerging risks. We distribute these products through professional independent agents. INSUREtrust is known for having created the first coverage for internet risks in 1997, we are an established authority on emerging risks. Additionally, INSUREtrust provides a wide range of coverages for miscellaneous professional liability, including technology errors and omissions.

What is Cyber Insurance?

Cyber. It’s a word often signifying anything having to do with information zipping across the Internet. In the world of insurance and risk management, it has to do with a broad range of scenarios in which stored information might be damaged or lost. In fact, from an insurance perspective, this information might even live in paper files rather than on a computer.

Electronic or digital data, as well as ideas and confidential corporate information are property. It’s property that may not catch on fire but can certainly be stolen or damaged. The loss of your data property or its inappropriate publication might even limit or eliminate the ability of your business to function.

If data in your care, custody, and control is lost, stolen, or damaged – even if you outsource storage of data to a hosting or cloud computing service – will a lawsuit be filed against you? Do you have a responsibility to notify owners of data in your care about the loss of their property?
Say you’ve got traditional property insurance with business interruption coverage and you have third party liability insurance. You’re already covered, right? In fact, traditional insurance covers tangible property while intellectual property, especially digital bits and bytes, is anything but tangible. For this kind of risk, you will need cyber insurance.

Who’s at risk?

Anyone who collects personal or other sensitive data is at risk. This includes a broad range of service industries from healthcare to stockbrokers, from law firms to retailers and e-tailers, from insurance agencies to educational institutions.

Not sure if you’re in one of those groups? If you’re still wondering if data you store is sensitive, consider whether you handle any of these at risk information types (whether employee or third party information):

• Social Security numbers
• Addresses and/or phone numbers of clients or stakeholders
• Email addresses
• Credit card information and information for billing in arrears
• Financial records including investments, pension and retirement accounts
• Bank information for payroll direct deposit
• Credit information or reports
• User names and/or passwords
• Health records and health insurance information of students or program participants
• Information governed by non-disclosure agreements

Any good cyber insurance policy begins with third party and first party coverage for the loss of or damage to that digital data you store. This is called Network Security and Privacy coverage. Don’t think you need that insurance because you don’t have the exposure? The following scenarios are also covered by cyber insurance:

A company employee takes work home with information stored on a laptop computer. The laptop is stolen from the backseat of the employee’s car while the driver is in a restaurant. Cyber insurance covers the theft of data stored on a laptop and the cost of restoring that data. Continue Reading…

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