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Why Cyber Attacks

Are The Biggest Threats

To Your Business in 2021

Cyber liability is one of the top growing threats to businesses in 2021. If your business is not insured, you could be at risk of lawsuits, fines and penalties.

Colony West’s comprehensive cyber insurance policy covers security failures and data breaches involving the personal information of CA residents, and our policy will respond by paying breach response costs, claim expenses, and any resulting damages.

What does Cyber Insurance cover? 

Why us? See what others have to say.

I've got to say that I've been blown away by the level of service I've received as a small business owner. It's easy to find someone to take my check but then never hear from them again, or when I need them, I have to follow up 5 times. I'm sure I'm not the largest client of Colony West yet I still get a "You're my only client" level of service when I need something.

Tim H., Benchmark Mortgage

I own several business: Manufacturing, Retail, Commercial real estate & Distribution. They have been able to be provide high quality expertise in each sector. I went through a major claim and all the proactive work they did covered my damages entirely. They are responsive, friendly, family oriented, consistently competitive and will never let you down. 

Vanik E., Bread LA/Brooklyn Bagel 

They do their utmost to protect our interests while also getting the best price. They understand the importance of a long term relationship and work to keep us properly insured. They also do our company Health Insurance and have helped us navigate the tangled web of the Affordable Care Act and Federal mandates! 

Jimmy U., Blue Water Grill 

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Why should your business take compliance seriously?

Have you heard of the CCPA?

The California Consumer Privacy Act (the “CCPA”) is a privacy law that provides consumer protection for residents of California. The law regulates how a business collects, uses, and discloses almost any kind of information about an individual. 

So, what about it?

The CCPA is much broader than previously enacted privacy legislation. California residents are now able, under the new law, to bring class action lawsuits against a business for data breaches. Individuals whose data has been breached are not required to demonstrate a proof of loss in order to bring suit against a company. Additionally, the CCPA significantly broadens the definition of personal information thereby increasing the likelihood that a data breach will be subject to the new legislation. 

If your company is subject to the CCPA, there are many reasons to take compliance seriously. Your business is legally required to protect employee and customer data. In the event of a data breach,  any class action brought against your company, as permitted under the CCPA, resulting from your failure to maintain reasonable security standards, could result in statutory penalties of $100 - $750 per affected California resident (even if there is no proof of loss) as well as actual damages. Similarly, the Attorney General of California may enforce the CCPA to the tune of $2,500 per individual violation and $7,500 for each intentional violation. All told, the costs of a data breach can be staggering, and even existential, to your business. 

Security Failures & Data Breaches

Claim Expenses, Fines & Penalties

Colony West's policy responds by paying on your behalf claim expenses and regulatory penalties from a regulatory proceeding, or class action, arising from a security failure or data breach. This includes the associated costs to defend yourself and damages resulting from a class action lawsuit or alleged violation of the CCPA.  

Privacy Policy Compliance

While our base regulatory coverage already addresses claims that arise out of a security failure or data breach, Colony West now has an endorsement that is crafted to also step in and assist insureds for their failure, without the knowledge of a Senior Executive, to comply with certain provisions of their privacy policy which allegedly violates the CCPA. 

Colony West provides this coverage at full policy limits (up to $10 Million) and at highly competitive rates!

If you're ready to get covered, request a fast, free quote today! 

By clicking "Give Me A Free Quote Now" and submitting your quote request, you represent that you are at least 18 years of age and agree to our Privacy Policy. I also give Colony West permission to call or email me at the phone number and email address provided regarding Colony West insurance services. I understand my consent is not a condition of purchase and may revoke consent at any time.

How COVID-19 and remote work is putting businesses at risk

Human error was the root of 75% of the cyber liability claims we handled last year! With more and more Americans working from home, remote work has opened a new door to hackers who are taking advantage of insecure networks and vulnerable users, by infiltrating their personal devices. 

What simple steps can be taken to boost cyber security? 

1 | Train your employees on cyber awareness

Teach your employees to be more vigilant online. COVID-19 has considerably increased phishing attempts through fraudulent websites and emails. If your employees let their guard down when working from home, your business could suffer costly consequences.

Work with your IT department to ensure that personal devices are properly secured. Employees should always connect via a trusted network. Multi-factor authentication should be enabled on ALL devices.  This alone, can drastically reduce the chances of a data breach.

2 | Secure at home devices

Remember that you are legally responsible for storing private data. If your business has an extensive database of employee or customer information, it is essential to prepare for the worst and avoid the logistics and financial consequences of a potential data breach.    

3 | Consider Cyber Liability Insurance

If you are an employer in California and meet one of the following criteria:

• Gross annual revenues of more than $25 million. 

• Annually purchases, receives for commercial purposes, sells, or shares for commercial purposes, alone or in combination, the personal information of 50,000 or more California consumers, households or devices. 

• Derives 50 percent or more of annual revenues from selling consumers’ personal information .  

Who must comply with the CCPA?

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