Cybersecurity Insurance

Cyber-related attacks represent a growing threat to the reputation and economic stability of not only large operations, but anyone online is at risk of getting hacked. With practically every aspect of the modern world is driven by data and our reliance on digital assets, it is now more than ever that we need to safeguard our data. It’s not just large organizations that are susceptible to being hacked or getting a malware. Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?

A data breach can damage more than just your small-business computer system – it also can damage your reputation and put your customers and/or employees at risk. That’s why cyber insurance can be a smart precaution for any size business.With no guarantee that your business won’t be targeted, having cyber insurance is essential to provide financial resiliency in case of a serious breach.

Cyber insurance is a type of insurance for businesses against digital threats. It is also commonly known as cyber risk or cyber liability insurance.Cyber insurance coverage comes in two coverage: first-party coverage and third-party coverage. First-party coverage applies to losses sustained by your company directly while third-party coverage applies to claims against your firm by people who have suffered damages as a result of your actions or failure to act.

First-party coverage includes: 

  • Damaged or lost digital assets, such as data and software
  • Lost business opportunities or increased operational costs due to an interruption of the insured’s computer systems
  • Cyber extortion if the hacker holds the insured’s data for ransom
  • Incident response cost such as legal fees, forensic & investigation cost, notification cost, credit monitoring, public relations, data loss & recovery, and more.

Third-party coverage includes: 

  • Cyber, Privacy, and Network Security Liability
  • Payment Card Loss
  • Regulatory Proceedings and Fines
  • Media Liability