What is Cyber Insurance?

Data drives the organizations of today’s world. Business of all sizes have had a cyber attack or data breach.

One stolen laptop, one careless employee, a virus or even paper records that fall into the wrong hands, can create a financial and reputational consequence affecting your business for years to come.

Cyber insurance definition

Cyber insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues.

What does cyber insurance cover?

With a comprehensive cyber liability policy, you can feel confident you’re covered in case of data breaches and related issues, including:

Data compromise protection to cover employee and customer information if your data should ever be hacked, stolen, corrupted, or subject to procedural errors or internal fraud
Legal cost protection incurred by legal reviews
Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
Personal services for any persons affected, which may include help line services, credit monitoring, and case managers for identifying theft victims
Costs of legal defense, in an event that the company is sued due to the breach
Identity recovery protection to identity fraud victims and restore their credit history and records. This includes owners, employees, and family members

Why doesn't general liability cover cyber attacks?

General liability insurance covers bodily injuries and property damage resulting from your products, services or operations, so cyber insurance is typically excluded from general liability policies.

Do You Need Cyber Insurance?

Cyber liability coverage is available for any business, small and large, nonprofit organizations, and retailers. You may be able to save on costs by bundling coverage with another policy to create a comprehensive suite of business liability coverages.

What Types of Businesses Benefit From Cyber Insurance?

Any business that stores sensitive information should have a cyber policy. Sensitive information includes names, addresses, email addresses, financial information, and more.

Not Having Cyber Insurance Could Cost You

Cyber crime is quickly becoming the fastest form of criminal activity.

Cyber attacks cost an average of $200,000. Many businesses are not able to afford this type of expense. Having cyber insurance can help offset these costs associated with a cyber attack.

Would you like to receive a cyber insurance quote? Reach out to us today.