Cyber Liability
Our Cannabis Cyber Insurance protects companies from third-party lawsuits relating to electronic activities (i.e., phishing scams). Plus, it offers many recovery benefits, supporting data restoration and reimbursement for income lost and payroll spent.
Who is Cyber Liability Insurance for?
Given US data breaches cost an average of $4.24 million, all-sized cannabis companies should have cybersecurity top-of-mind. Cybercriminals scout businesses with fractured processes and technology, executing sophisticated multi-tiered attacks to infiltrate the company’s network. Loads of personal identifiable information (PII) are stolen every year, resulting in third-party lawsuits, plus fines and penalties from regulators.
Unfortunately, over half of these vicious attacks happen because of employee mistakes, making the breaches and subsequent losses avoidable. Cyber insurance is an evolving policy that helps protect companies against the damages sustained in a cyber attack. Consider the cost of data restoration, credit monitoring, and reimbursement for income lost and payroll spent — it’s astronomical. However, our Cannabis Cyber Insurance policy is designed to cover these specific damages.
Employers
If you have employees who generate online content and could encounter a phishing scam, you face cyber liability risks. The potential exists for hackers, viruses, and malicious code to cause damage throughout the entire virtual enterprise.
Online Networks
Cyber liability risks exist if you collect any personal data, have login features on your site, or integrate with another company’s systems.
Information
Do you have clients who rely on your programs or software in their operations? Anyone handling PII (Personal Identifiable information) faces cyber liability exposure.
Why you need
Cyber Liability Insurance?
Protects against financial loss and notification expenses
Covers forensic investigations and data recovery
Helps cover legal costs and lawsuit settlements
50%
Cyber attacks increased by 50% in 2021.
$4M+
The average cost of US data breaches is about $4.24 million.
37%
Roughly 37% of global organizations said they were the victim of a ransomware attack in 2021.
What does Cyber Liability
Insurance cover?
You will have to consult your policy documents to confirm exactly what coverage your insurance provides but here are some examples of what is covered by cyber liability insurance
Cyber Liability Insurance Enhancements
Cyber Liability Insurance Enhancements
Cyber Liability Insurance
Claim Examples?
Software Issues
Software experiences an issue from a cyber-related issue; clients are affected by this. This policy mitigates any gaps in protection for your services and supports restoration costs if you experience a cyber attack.
Compromised System
If your system or software has been compromised, data restoration services can be costly — cyber policies can pay this bill after a covered loss.
Cyber Liability Insurance FAQ’s?
The limits you’ll need depend on the unique aspects of your cannabis business. As a full-service insurance brokerage, we provide custom-made insurance solutions tailored to your specific needs. We’ll work closely with you to determine the appropriate coverage limits to protect your business.
The cost of insurance for your cannabis business varies based on several factors, including the type of business, location, and coverage needs. We offer personalized insurance solutions, and our team will help you understand the costs involved by providing tailored quotes that reflect your specific requirements.
Our policies are designed to meet the specific needs of your cannabis business, but there are standard exclusions such as non-compliance with regulations or criminal acts. We’ll guide you through the details of what’s covered and what’s not, ensuring you have a clear understanding of your insurance plan.