What is Cyber Security Insurance?
This coverage is also referred to as cyber risk insurance or simply cyber insurance.
Cyber insurance protects against damages caused by electronic threats to your computer systems or data. These threats can lead to the theft, damage or misuse of sensitive information or other vital technologies and can result in downtime and recovery costs that often include specialized repairs and legal fees.
Options are available to cover incident response services, first-party losses (your own) and third-party losses (those experienced by others for which you’re responsible).
Why Do I Need Cyber Security Insurance?
Cyber insurance is important to the financial well-being and future of your small business. A single claim can be costly and difficult to overcome on your own. Cyber security insurance helps reduce the potentially devastating effects of a claim. It can cover costs related to IT forensics investigation, data restoration, legal liability and customer notification.
A cyber insurance policy allows you to spend less time worrying about cyber threats, and more on what matters most – running your business. Easily assess your cyber risk and get a free quote to learn which cyber insurance coverages to consider for your situation.
Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records or credit card information needs cyber insurance.
Also, any third-party who handles your confidential data and information, such as an accountant or IT service, should have their own cyber insurance policy. Be sure to get proof of coverage before hiring them.
As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:
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Retailers
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Restaurants
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Hair salons / Barbers
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Marketing companies
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Contractors
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Real-estate agents
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Consultants
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Financial firms
What Does Cyber Insurance Cover?
Cyber insurance covers a variety of business risks divided into three main parts:
First-Party Coverage
This includes all the people that are directly involved in the incident. Typically, it will cover the victim for a range of issues including the following: data destruction, extortion, online theft, hacking, deliberate and accidental denial of service.
Third-Party Coverage
This is a package for situations that are caused by others. Some of the areas that might be taken into consideration include the following: errors of commission and omission, data breaches, data theft or business secrets, and defamation.
General Benefits
This package covers a host of other potential benefits that are associated with being in possession of cyber insurance such as: Structured Security Audits, Post Incident Management, PR Initiatives, Major Investigations and Reports.
What Does Cyber Security Insurance Usually Cost?
Cyber insurance cost depends on your business's exposure to cyber risk and your coverage needs. For example, a high-risk business needing $3 Million in coverage can expect to pay more than a low-risk business needing $250,000 in coverage.
Other factors that can affect your rate include network security, data access and claims history. Discover how these and other factors influence your cyber insurance cost.
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