Your customers trust you with their personal information and have confidence you will keep it safe. However, 55% of small businesses in the U.S. have experienced at least one data breach, and 53% have experienced multiple breaches. Cyber attacks are also becoming more frequent. In 2012, 29% of all U.S. small businesses had a cyber attack, and 72% were not fully able to restore their company's computer data. With the growing chance that a business like yours will suffer a data breach or computer attack, you need protection to help offset the devastating effects it can have on your business from a financial and reputation standpoint.1
Cyber risk solutions
Nationwide has partnered with Hartford Steam Boiler (HSB), a highly-rated specialty insurance company, to provide small and mid-sized businesses with unrivaled comprehensive data security coverages and services that offer:
- Help with notifying customers about a data breach.
- Services from top professionals to help restore personal identities.
- Help with recovering related costs, including any legal expenses.
- Protection from damage to electronic data and computer systems from computer attacks.
Three coverages and services can help you retain your clients' and employees' trust.
Data compromise protection
Data compromise protection covers employee and customer information in the event of a hacking, physical theft of electronic data or hard copy files, procedural errors or fraud.
Data compromise coverage also includes:
- Legal reviews.
- Forensic information technology services to assist in determining the nature and extent of an electronic breach.
- Personal services for those affected, including a help line, credit monitoring and case managers for victims of identity fraud.
- Services provided by a professional public relations firm to review and respond to the potential impact of the data compromise.
- Costs of legal defense.
Identity recovery protection
Identity recovery protection helps identity fraud victims restore their credit history and identity records to pre-theft status. Coverage and services extend to key owners, their employees and resident family members.
Identity recovery protection also includes:
- An identity theft help line staffed by counselors and specialized case managers.
- Services to correct victims' records to pre-theft status, such as writing letters to credit bureaus and other institutions, and preparing communications to send to government agencies.
- Expense reimbursement for lost wages, various legal fees, and more.
CyberOne protects your business against damage to electronic data and computer systems from a virus or other computer attack. It also protects your business's liability to third parties that may have suffered damage due to security weaknesses in the business's computer system.
CyberOne also helps with the cost of:
- Restoring and recreating data.
- Restoring a computer system to its pre-attack level.
- Lost business and extra expenses.
- Public relations services, to communicate with outside parties concerning a computer attack and the insured's response.