Protect Your Business: Understanding Breach Response and Remediation Coverage (Full Transcript)

Speaker 1: Are you confident your business can withstand every single cyber threat out there today? Hey everybody, I'm Patrick McBride. I'm the founder and the agency owner here at the McBride Agency and I have mentioned in some past videos that I am big on cyber insurance for your business. So today we're diving deeper into one of the coverages that can help keep your business safe, specifically breach response and remediation. Now, I probably know what you're thinking. What in the world is that? And why do I need it? Well, in our digital age, cyber attacks are becoming more and more prevalent. It's not a matter of if, but a matter of when your business will be targeted. In fact, almost half of cyber attacks target small businesses and 60% of businesses that are victims of cyber attacks go out of business within six months. It's crazy and this begs the question, are you confident you can withstand a cyber attack? If you can't answer that question with a confident and an honest yes, then your business is absolutely at risk. And that's where cyber insurance policies come in. Cyber provides coverage for a variety of cyber-related incidents, including data breaches, cyber extortion, and network downtimes. Not to mention some of the third-party coverages that are out there. But it's not just about this coverage. It's also about response and remediation. When your business experiences a cyber attack, you need to act fast. That's where the breach response remediation coverage comes in. So the technical definition is coverage for responsive remediation costs associated with the breach. This does include things like legal fees, customer notification, IT or digital forensics, crisis media relations, and a couple of other different ancillary pieces. Breach response specifically involves identifying and containing the breach, notifying all the appropriate parties and implementing the plan to get your business back up and running. Remediation involves cleaning up any damage caused by the breach, including restoring lost data and repairing systems that were compromised. So you might be thinking at this point, that sounds like a lot of work. It is, without question. But it's work that needs to be done to protect your business and protect your clients. That's where working with a cyber insurance provider comes in. Here at the McBride Agency, we work with our clients to create customized cyber insurance policies that meet their unique needs. We also provide support during a cyber attack, helping you navigate breach response and remediation. Having the proper breach response and remediation coverage on your policy will do a couple of things. First and foremost, what we're all looking for is peace of mind. You know that if the worst happens, you're covered. It also helps to mitigate the financial impact of that cyber attack. The costs associated with cyber attacks can be substantial, from all the legal fees to the lost revenues to the credit monitoring systems. All of those things have a cost and cyber can help offset those. With the average claim for a small business of nearly $400,000 and all cyber claims exceeding almost $800,000, most BOP or GL level cyber endorsements don't even come close to providing the right amount of coverage. Making sure that your policy has the right level of breach response and remediation is a critical part of your business's risk management strategy in today's world. This is just one of the many coverages and coverage limits inside a strong policy your business should have in place. One thing to note here is that I emphasize the word right because not all policies are created equal. And while some look good from a coverage limit standpoint, they could leave you holding the bag when it comes time, when it comes claim time. If you have any questions or if you'd like to learn more about cyber insurance and the impact it can make on your business, don't hesitate to reach out to us here at The McBride Agency. Our number one priority is to always ensure you're protected against any unexpected losses or threats. So whether you're just starting a new business or you're an established operation, reach out to us. Let's start a conversation and see how we can help you protect your business. Now, you can call or text us at 815-456-5006. We will help you find the right coverage for your specific needs or you can use the link in the description. No matter what you do, take action today. I truly look forward to working with you and connecting you with our team of risk management and commercial insurance experts. We're actually here for you and we're cheering for your business, even if you're not currently a client of The McBride Agency.