What is Cyber Insurance Coverage?
Many risks come with running a business in today’s world, especially if you keep records and information online. But let’s be honest, today, cyber insurance is essential. There is no way of getting around it.
There are significant risks that come with running your business online and using these great technologies that make our lives easier. In the 2020s, people are becoming accustomed to data breaches and hacking news. Cyber attacks are a big part of our technology landscape.
Definition: Cyber insurance is an insurance product intended to protect businesses, and individuals providing services for such businesses, from internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and other related activities.
Since we know it’s coming, we have to see that it’s essential to protect ourselves against these risks. When you see the importance of cyber insurance, it becomes a no-brainer. This insurance can help you and your business in the not-so-unlikely event that you find yourself on the defensive side of a cyber attack, cyber theft, or data breach.
Is your business keeping sensitive information online? Things you may not think about, such as addresses, phone numbers, and email addresses, are considered sensitive in today’s era. Credit reporting agencies track the activity on those items, along with things like our social security numbers on the dark web. If your business is online, you should be thinking about cyber insurance.
Does Your Business Need Cyber Liability Insurance?
That is a good question. Do you need it? No, it’s not mandatory. But in the case that something happens, you’ll be thankful you had it.
Hackers are getting more and more sophisticated every day, and even governmental organizations with the best security, are getting hacked. If your business computers are compromised, you’ll need to act quickly to offset the damage done.
You will be liable if personal information is leaked or stolen. The reputation of your business will also be at stake. Do you have a plan otherwise if you were to get hacked?
Kinds of Cyber Attack Coverage
You might be hearing about different kinds of cyber coverage. What is the difference between data breach insurance and cyber liability insurance?
Data breach insurance can help in a situation where personal information is lost, stolen, or compromised. Many small businesses opt for data breach insurance. If you have a breach, data breach insurance can help you hire a PR firm, offer credit monitoring services, and notify customers or clients. You might also be able to find coverage that can help offset lost income due to a breach or help you cover extortion if someone is demanding a ransom.
Larger companies often adopt cyber insurance to help cover financial losses, privacy breaches, and lawsuits that could potentially follow an attack. If someone were to hack your business and demanded a ransom, this insurance would help you recover income and lost files.
Cyber insurance can also cover legal services, client notification and expenses, state and local fines, costs associated with extortion, lost income due to network outages, and lawsuits related to privacy and security.
Is Cyber Risk Liability Insurance Enough?
At the end of the day, you’re going to need more than just cyber liability insurance. To fully cover your business and your assets, you’re going to need a package with lots of different coverage. In today’s moving world, you’re going to need general liability insurance, commercial property insurance, professional liability insurance, and others, depending on your industry.
Here at Failsafe, we can help you find an affordable package that covers all of your bases. As a business owner, you need to think about things like property damage, bodily injury, rental insurance, employee claims, as well as several other things that could happen under your roof.
What Does Cyber Liability Insurance Cost?
Like all insurance, cyber insurance costs can vary. Depending on your number of clients, patients, customers, or kind of information you store online, you’ll have varying prices. Cost can also change with the amount of protection you want and the amount of risk you’re willing to take. It’s essential to get a quote from our agents to gauge cost and weigh the pros and cons of different coverage options.
Why Choose Failsafe?
Here at Failsafe, we have experience covering people’s most important assets. In this digital era, much of our most important information is being stored online.
Cyber liability insurance protects your business against the expenses associated with a data breach. We’ll help you evaluate the data liability risks your business faces and find you a policy that meets your specific needs.
Call us today to get a cyber liability insurance quote at 215-942-4880.