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Cyber Insurance

CYBER LIABILITY INSURANCE FOR YOUR BUSINESS

It is not a question of IF your business will suffer a cyber-attack, but HOW! Do you own a business? Then you need Cyber Liability Insurance!

Who needs Cyber Liability Insurance?

  • All businesses need Cyber Insurance. In today’s world, you cannot go a week without seeing or hearing about Cyber Crime. The most common type of cyber-crime occurs when sensitive, confidential, and otherwise protected information has been accessed or taken by an unauthorized individual.
  • Since the beginning of the COVID-19 pandemic, the United States FBI has reported a 300% increase in cyber-crimes. Many of these attacks have targeted small and medium-sized businesses.
  • The exponential increase in employees working from home due to the pandemic has opened up new vulnerabilities in cyber security. Hackers and cyber criminals have pounced on the opportunity to target these new exposures.
  • All businesses store Personal Identifiable Information. This can be as simple as an email address or credit card information. Even if you use a third-party processing system to handle payments, you are still exposed.
  • During the pandemic, there was a lot of discussion in the media about Business Interruption Coverage. Business Interruption covers your loss of income when a loss physically shuts down your location. This coverage is triggered by physical losses, such as a fire or a flood. However, with the addition of a Cyber Insurance policy, the Business Interruption coverage extends to digital losses as well.
  • These days, our phones and other mobile devices contain as much sensitive information as our computers do. Could you continue to run your business if your phone or computer were hacked?

What is Cyber Liability Insurance?

Cyber Liability is the insurance policy that responds when your business’s electronic devices have been compromised or your client’s personal information has been accessed.

Cyber Liability provides coverage for the common costs associated with recovery from cyber-crime, including: 

  • Legal Fee costs
  • Forensics costs
  • Notification costs
  • Credit monitoring
  • Public Relations costs

More comprehensive policies can act as preventative security measures, providing password protection software and employee training services.

Facts

95% of ALL Cyber security breaches were triggered by human error. With the monumental increase in employees working from home, criminals are already taking advantage of the new cyber exposures that have been created. Even small data breaches with less than 100 records or clients can cost over $10,000 in legal fees, forensics and credit monitoring. Do you have $10,000 to spare?

The #1 most common Cyber Attack today is Ransomware

  • Ransomware is a type of malware that locks down your files until a financial demand is met. This is commonly known as Extortion.
  • Depending on the severity of the attack, this can shut down a business for hours, days, or more.
  • When you do get back up and running, you may not be aware of the State or Federal regulations you are responsible to follow. The specialists provided with your Cyber coverage will be able to guide you in reporting requirements and other steps required by legal regulations.

No one is 100% cyber secure, but we can help you become cyber resistant and prepared if you do fall prey to a cyber-attack.

Still unsure if Cyber Insurance is right for your business? Fill out our short questionnaire below, and one of our agents will reach out to review your potential exposures.

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