Did you know that seven in ten businesses aren’t prepared for a cyber attack? Today’s dependence on technology opens up a world of possibilities but also raises some cyber protection concerns. Threats of data breaches and computer hacks are real for all businesses – big and small – and while big firms incur the highest costs, the financial impact of cyber-attacks is disproportionately greater for small businesses.
If you haven’t already, it’s time to consider investing in a good cyber insurance policy. Cyber security insurance protects businesses against targeted attacks to the occasional misplaced laptop containing confidential material. If your company has employees or handles sensitive client information, you are vulnerable. The best cyber insurance strategy takes a three-pronged approach: prevent, detect and mitigate risk. This includes educating all levels of the organization about the importance of cyber security, facilitating ongoing monitoring of critical networks, reviewing response plans for emerging threats, and insuring against financial risk with a stand-alone cyber policy.
A cyber insurance policy is designed to cover privacy, data, and network exposures, to offer a computer security solution and give you peace of mind. Since cyber security is one of the fastest growing and changing risks in the world today, both cyber novices and smart and tech-savvy business owners can feel empowered with a policy that protects against hacks, data breaches, or other types of cyber security events.
How could Cyber Insurance help after a cyber attack?
Data breach response: This covers your cost of computer forensics, the notification of those affected, call center support for those affected, identity protection services, and crisis management and public relations support.
Cyber extortion: This covers the cost of expert assistance and ransom payment.
Data recovery: This covers the cost to replace, restore, repair, or regain access to your data after a data breach, security failure or extortion threat.
Business interruption: This is insurance for losses from total or partial interruption of your business as a result of a data breach, security failure or extortion threat.
Cyber crime: This is insurance for the loss of money from your financial account due to fraudulent instruction by a third party.
Cyber deception: This is insurance for the loss of money as a result of a social engineering or phishing attack against you which results in your voluntary transfer of money to an unintended third party.
Privacy and security liability: This is insurance for claims made against you that typically arise from your failure to protect sensitive information, including subsequent actions by a regulator.
The list of regulations and statutes continues to expand regarding the use and protection of cyber security information, as well as notification requirements in the event of a breach. As cyber exposures continue evolving, so will your need to ensure that your business is protected if a cyber attack occurs. We can help you navigate these waters to help protect your business from a cyber security attack. And, good coverage is more affordable than you might think. Contact us today at 303-721-1145.