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Cyber Insurance

from Gardiner Marek Agency

Cyber Insurance

“Hey, boss. We’ve got trouble”. “Oh, yeah?” you say. “What’s up”?
“Our network security has been compromised. We’ve been hacked.”
You look straight into his eyes and ask, “How bad is it?”
“It’s bad”.

That conversation has taken place in businesses, large and small, all across America. Simply because you use technology, you are vulnerable. You could hear your IT guy say, “We’ve been hacked”.

You will feel violated, angry that your customers, your friends, your employees, people who trust you, have had their personal identity and their personal private financial information stolen from you. You are going to have to write a lot of checks to other people (“Third-Party Damages”)…

  • To notify everyone whose personal data is now in the hands of criminals,
  • To defend lawsuits and pay damages to those who suffered losses,
  • For the cost of credit-monitoring for all of those affected,
  • For the cost of having credit cards reissued,
  • For the costs of fighting off future attacks,
  • To pay lost revenue of other businesses; you had their data, their private information, and because you were hacked they had to shut down their operations.

Damage to your reputation, loss of sales while you are down, forensic costs of analyzing the breach, destruction of your data, theft of your trade secrets, fines by regulators – these (“First-Party Damages”) may also be taken care of, if you have the right coverage.


I can tell you WHO WILL NOT PAY for this...,
Your standard General Liability, Errors and Omissions, Property Damage, and Directors and Officer’s Liability policies WILL NOT PAY! The credit card processing company (where lies your biggest risk), will they pay if hackers get in through their system? NO! YOU will be responsible.


Many of the costs associated with a breach and theft of data will be paid by a Cyber Insurance policy.

Cyber Insurance is relatively new; it was devised to help your business survive a hacking, a breach, an inside job, an attack from the Romanian Mafia (don’t snicker), the theft of your private information, and the private information of others in your care, custody, and control. Just as a wind policy helps with the repair of damage caused by windstorm, so a Cyber policy will help with the financial consequences of a Cyber breach. Look, a hacker’s gonna hack. And, savvy businesspeople (in Horry County, the Pee Dee, and the Low Country of South Carolina) will call 843-272-3635 for more information about Cyber Insurance. Cyber insurance helps you go from “Bankruptcy looms.” to “We’ll get through it.”