Data breaches stem from all sorts of causes, ranging from a lost laptop left on a commuter train to a patient healthcare record thrown into a dumpster. No organization is immune to cyber risk, as each may store or process information valuable to cyber criminals, creating unique vulnerabilities to their operations from the information’s theft or unauthorized disclosure. Furthermore, forty-seven states and the federal government have passed data privacy laws. These laws require all organizations to take seriously the issue of securing their customer data from unauthorized disclosure or suffer significant potential fines or penalties.
To meet the financial impacts of ever growing risks faced by any organization which collects, processes, transmits or stores customer data (or data on behalf of others), cyber insurance was created to respond for such loss as traditional insurance policies do not provide the necessary protection to protect the corporate balance sheet. Corona underwriters is open to insuring almost all classes of business on both a primary and excess basis, with full 1st party and 3rd party coverage available.