Cyber Insurance
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Hackers don't discriminate
A staggering number of small and medium-sized organizations suffer cyber attacks each year, and find themselves trying to manage without the support of cyber insurance coverage. And if your systems or data are compromised, it can put you out of business. At the very least, you could suffer a significant financial loss and take a severe hit to your reputation.
When a cyber attack occurs, recovering your data is just one piece of the pie. Having cyber insurance coverage is another.
Cyber insurance covers the first party and post-breach costs associated with the liability of a cyber breach. This includes business losses, a forensic investigation, regulatory fines, ransom payments and notification of individuals whose social security numbers, credit card numbers and health records may have been compromised.
Cyber insurance will help restore employee and customer identities, recover compromised data and repair damaged computers and networks, whether your business is the victim of a data breach, password attack, ransomware or phishing attack.
Who needs cyber insurance?
Every business that stores data on a network is at risk for a cyber-attack. If you don’t have cyber insurance, think twice. Data privacy attacks now happen every 40 seconds in the U.S.
Without cyber insurance, you could be on the hook for state and federal fines and penalties, a forensic investigation, breach notification costs and even a class action or third-party lawsuit down the road – all directly off your balance sheet.
Cyber insurance covers the following first party and post-breach expenses:
- Privacy attorney
- IT forensic investigation
- Compliance with state notification laws
- Credit monitoring for breached individuals
- PR firm to manage the crisis
- Regulatory fines
- Class action lawsuits resulting from the breach
There is no industry-standard when it comes to cyber insurance, so having an experienced broker will be key to making sure you’re adequately insured.
CALCULATE THE COST OF A CYBER DATA BREACH
Get a personalized data breach cost report for your organization.
Don't Fall Victim to These 5 Cyber Myths
Trending Cyber Insurance Insights
As a business leader, you can’t completely entrust your cyber security to your organization’s IT department. If your organization experiences a cyber breach, you’re going to be held personally accountable.
