Harper owns a successful bookstore where she runs a book of the month club. As part of that club, customer data, including credit card information, is stored in her computer system so they can be charged for their monthly membership.
One morning, Harper went to log on to her computer system and noticed a ransom message on the screen demanding a large sum of money in exchange for her customer information.
Thankfully, Harper worked with her insurance agent upon opening the bookstore and ensured she had insurance specific to her needs, including cyber insurance. As part of her coverage, a cyber team investigated the attack.
Harper's cyber insurance policy covered the expenses for notifying affected customers and providing credit monitoring services. The policy also covered the loss of income from her business being shut down due to the attack. If any affected customers filed claims, the cyber insurance policy would have also covered the legal fees and potential settlements.
Without cyber insurance, Harper would be responsible for paying these expenses out of pocket, potentially causing significant financial strain.
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For more information, contact the Victor Small Business team at info.smallbusiness@victorinsurance.com.
* The claims scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions and exclusions. Program availability and coverage are subject to individual underwriting criteria.
