Cyber Insurance

Who needs it?

• If your business in any way operates on a computer, then you should consider a Cyber Insurance policy. This includes data that you store on a local computer, local server, or in a cloud. This also includes any vendors that you may use to support your business.

Why do I need it?

• Cyber breaches are expensive! They are expensive to research, they are expensive to litigate, and they are expensive to settle. According to IBM the average cost of a Data Breach for small businesses was over $2 Million in 2021.
• You don’t want to become a victim. A well-executed cyberattack may cripple your system altogether, hold your company ransom by locking you out of your own networks, or compromise private company data.
• You don’t want your clients to feel like victims. If a cyberattack results in private customer data being compromised, then you will likely be required to notify the affected customers and provide Identity Theft support for those impacted. More importantly, regaining your clients’ trust to continue to work with your organization becomes a monumental task.

What does it cover?

Here are some common coverages included with Cyber Insurance

• Penalties & Investigation Costs – Helps to pay for the cost of investigating the extent of a cyberattack. Also assists in paying for the reassurance cost of credit cards and the fraud carried out on stolen credit cards. May also help pay for assessed penalties.
• Helps pay the cost of notifying your customers about the breach.
• Data Compromise Protection – Helps provide credit monitoring and services to consumers affected by cyberattack.
• Identity Recovery Protection – Helps victims of identity fraud restore their credit history.
• Cyber Protection – helps pay for the cost of restoring or recreating data. May also include protection from viruses or other cyberattacks.
• Cost of Rebuilding a Reputation – After a cyberattack happens, it helps pay for a PR firm to restore the company’s image and may also compensate the business for loss of income due to a cyberattack.