Cyber Insurance
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quick highlights
Cyber insurance covers a business financially from cyber related damages
Cyber insurance can cover the cost of paying a ransom ware attack
This policy will cover you against client negligence claims from when their personal data is stolen from your servers
Cyber insurance, also referred to as cyber liability insurance, can help protect businesses and organizations against cybercriminals.
A cyber insurance policy can help cover the financial fallout related to a cyber-attack or hack, such as system forensics, data recovery, legal defense fees, customer reparations, and more.
What is cyber insurance and what does it cover?
A comprehensive cyber liability policy may be able to help cover the damages and associated legal costs.
Cyber insurance can also help deal with the practical logistics of recovering after an attack or hack.
For example, say your business network is hacked, and valuable client data, like credit card details and home addresses, is leaked.
Clients may sue you for negligence in such instances, claiming that you neglected to protect their personal information adequately.
If hit with a cyber crime you may need to re-secure lost data, implement new protocols, and submit a cybercrime report to the relevant authorities.
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All of this costs time, effort, and money would be covered by your policy.
Your cyber insurance coverage can help.
Cyber liability insurance is an increasingly essential investment. As the world continues to digitize, moving more personal and professional operations online, cybercriminals are seizing opportunities to target security weaknesses.
The rising rate of cybercrime is a trend that is expected to continue in the years to come.
What types of businesses need cyber insurance?
If your business conducts any operations online—including accepting payments, taking customer data for mailing lists, or sending email newsletters—you could benefit from cyber liability insurance.
Businesses that store valuable client data or work product should also consider Cyber or data breach insurance, such as, Architects, HOA's, Esthetician, Property Management Companies, and Real Estate Agents.
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The need is even more pressing if your business handles sensitive data such as financial records (e.g., accountants), healthcare information (doctor's offices), or personal identifying details like social security numbers (any business that employs people).
Cybercrime caused damages of $4.2 billion in 2020 alone. Protect yourself and your business to avoid contributing to these scary statistics.
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