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Our Monthly Newsletter is Changing!

4/19/2022

Our VFIS of Texas Monthly Newsletter will look different starting next month. We are migrating to a new marketing and management system that we are very excited about, and we look forward to the platform change! So even though things may look a little different, you can look forward to the same quality of content you expect each month from our newsletters.

If you are already subscribed to our monthly newsletter, there is nothing you need to do. Just look out for our May 2022 Newsletter towards the end of the month. If you do not receive it then, double check your Junk Folder. Otherwise reach out to info@vfistx.com to receive the newsletter and assure that you are still on the list.

New subscribers can be added by reaching out to info@vfistx.com.

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Cyber Liability Insurance

4/8/2022

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Cyber liability insurance won’t prevent a hack, but it will help you recover from one. There are two main types:

• First-party coverage, which responds to a loss resulting from a cyberattack on your business network
• Third-party coverage, which responds to cyberattacks on others’ systems or networks

Coverage Highlights in a cyber liability policy.

Client notification
• States have data breach notification laws that require companies to tell clients about a breach.

Free credit monitoring
• Services can cost $10 to $30 per month per individual. Most states require businesses to provide it for a year.

State and federal penalties
• You might be fined if you are found liable for a breach.

Legal defense costs
• You’ll need to mount a defense if a client sues you for exposing their data.

Cost to repair damages
• You’ll need tech expertise to rebuild your computer systems and networks.

Ransom negotiations
• An expert can help by removing emotions from the process and negotiating a payment reduction.

Ransom payments
• Some policies reimburse ransom payments, but the conversation around ransom payments is changing. Make sure you understand the exclusions.

Data breach due to stolen property
• Cyber liability won’t cover the cost to replace a laptop or other device (that’s property insurance), but it will respond to the data exposed due to the theft.

Cyber Coverage

Cybersecurity Resources

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Our Monthly Newsletter is Changing!

Cyber Liability Insurance

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