by Nate Jones, CPCU, ARM, CLCS, AU - Wexford Insurance - Greenwood Indiana
Cyber Insurance or also known as "Cyber Risk Insurance" or "Cyber Liability Insurance" Coverage is essential for any business owner who operates their business with a computer, smart phone, table, or any device connected to the web. This policy enables business owners to transfer their risks of associated costs from a Cyber Attack or Breach to an Insurance Company.
The Most Important Coverage in a Cyber Insurance Policy
Network Security Coverage: This coverage responses when your business has a network security failure and will pay for the costs of hiring a team to resolve the issue. Network Security Failures are the following:
Data Breach
Malware
Ransomware Attacks
Business Account Hacks
Email Compromises
Who should get Cyber Insurance?
Any Company that handles digital information or stores digital information. Anything that is stored in the cloud or in your business Google and Microsoft file system can be in jeopardy of being stolen or held ransom.
If you hold customer data (names, addresses, credit card information, social security numbers, and more) in any type of computer system there is a regulatory obligation to keep that data secure.
Cyber attacks cost small businesses $200K on average. Lost Sales without system online and ransom payments.
What Does Cyber Insurance Cover?
Business Interruption / Business Income / Loss of Revenue due to a Cyber Event.
Computer Fraud
Cyber Extortion
Data Loss and Recovery
Loss of Transferred Funds
What happens if a Cyber Criminal steals Customer Data?
Cyber Insurance Pays for:
Notification Costs - Your Business bears the burden of identifying and notifying customers that their data has been breached. This can be costly without Cyber Insurance.
Credit Monitoring
Civil Damages if a class action or civil suit occurs due to the Cyber Event.
Computer Forensics - These are cyber experts who deal with cyber attacks every day.
Reputational Damage - Being able to have a public relations firm help you through this situation can be the difference with not allowing your businesses brand to be tarnished.
Feel free to use Wexford Insurance as a resource for your Cyber Insurance needs. If we cannot help you, we will point you in the direction of someone who can.
Free Assistance:
Wexford Insurance works with top insurance companies to provide you with affordable and quality insurance. We will never sell your information and our services are free of charge. Give us a call today at (317) 910-9295 or fill out the link below to start the quoting process.