HOW TO AVOID LOSSES Be sure to ask your agent about coverage for loss of your data but also for the liability for the loss of your customer’s data. Endorsements and or policies to cover data are readily available. There are many versions of so-called “cyber liability” policies available in today’s marketplace, and it is important to carefully review terms and conditions to make sure such a policy will do what you expect it to when needed. You may want to consider having a security risk assessment performed by an IT professional who specializes in data security. This will help discover the strengths and weaknesses of data handling processes and fix them before something bad happens. A thorough risk assessment along with adopting best practices demonstrates that your dealership has exercised due diligence, and when properly documented, may serve as an affirmative defense when a cyber threat impacts your employees or customers. An ounce of prevention is worth a pound of cure! CYBER LIABILITY POLICIES Cyber Liability policies can vary in both limits and costs. Typically, limits are available from 250K to over 1M. Premiums vary based on size of operation and revenues. The average premium for an auto dealership is between 5K and 6K a year. However, the premiums for dealerships can range from 3K to over 10K a year based on your exposure, liability limits and deductibles chosen. It is important to make sure that any cyber and privacy liability policy you consider purchasing has coverage for 1st party losses such as business interruption, cyber extortion loss and data recovery costs. Your cyber liability coverage should include both data and network, regulatory defense, and media liability. In addition, your coverage should include privacy breach notification costs, cybercrime, multi-media liability and advertising injury, technology errors and omissions, court attendance costs, and crisis communication costs. E-Crime sublimit coverage should include fraudulent instruction, funds transfer fraud and telephone fraud. It is important to make sure you purchase a comprehensive cyber policy. GADA Insurance Services has been in operation for 18+ years, offering insurance needs to dealerships. We have seen a multitude of areas where dealerships may be costing themselves money. Cyber liability should not be overlooked. Please contact me or your P&C account executive for additional information. SHAWN PRESNELL Managing Director of Insurance (678) 428-9247 | shawnp@gada.com FELIX JACKSON P&C Account Executive Atlanta/North GA (770) 570-8212 | felixj@gada.com DAVID CREW P&C Account Executive Middle/South GA (470) 303-9051 | davidc@gada.com The recent rise in high-profile cyber incidents such as computer viruses, data theft, identity theft and other cyber-crimes makes it critically important to keep data secure. 25 THE GENERATOR
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