Cyber Security Insurance

Each and every business owner must consider the impact of a potential cyber security breach. It is the world we live in. Our experienced and knowledgeable team can help craft a coverage plan to protect your business interests should the worst happen.

You have a lot to lose, and your business deserves to have protections in place to ensure its long-term growth and success. Your personalized cyber security coverage will allow you the peace of mind to run your business most effectively.

What is Cyber Security?

Cyber Security refers to the infrastructure and processes behind an organization’s network security. It involves the collection, storage, management, and sharing of information between people and devices both in-house and online. Cyber Security can also refer to policies or activities that protect data from cyberattacks and other vulnerabilities.

What is a cyber liability policy?

A cyber liability insurance policy helps protect your business in the event of a cyber security breach. Damages related to cyber security issues can be extensive, leading to legal fees and operational costs that may seriously affect your company’s growth and revenue stream. A cyber liability policy provides coverage options for these types of claims with up to $100 million in available limits.

What does a cyber liability insurance policy cover?

A cyber liability insurance policy can help cover your business from costs associated with a data breach that results in unauthorized access, exfiltration, corruption or disclosure of personal information. It can also protect against government investigations and penalties resulting from any breaches. Your coverage options depend on the size, scope, and potential impact of your business.

Our comprehensive cyber security coverage includes:

• Full suite of security apps including automated threat & intelligence alerts, DDoS mitigation, security benchmarking, ransomware protection, patch management, and more – available at no additional cost
• Breach Response
• Crisis Management Response
• Broad business interruption coverage
• Auto Cyber Liability Coverage
• Enhanced coverage for systems failure
• Enhanced coverage for computer replacement
• Enhanced coverage for bodily injury/ property damage
• Enhanced coverage for social engineering
• We cover the BYOD devices, IoT usage, and social media
• We also cover the cost of system upgrades and reputation repair

Why cyber liability insurance?

A cyber security breach can result in thousands of dollars in fines and expenses for your business. Oftentimes, those affected by the breach may file a lawsuit against you as well. Even if you are not sued or fined, chances are that your brand’s reputation will decline as news of the breach spreads, which will affect revenue and growth potential as well. In some cases, customers may choose to leave your business as a result.

Cyber liability insurance can help protect your company from these potential financial consequences by covering those costs that the general-liability policy excludes. This coverage is typically required for companies doing business within certain industries such as professional services, financial services, and technology.

How much does a cyber liability policy cost?

The cost of a cyber liability policy depends on your specific needs and the particularities of your business. Our flexible plans can be customized to meet your company’s size, location, business structure and many other factors including:

• Line of business
• E-commerce activity
• Types of devices
• Social media use
• Data storage and transmission volume
• Amount of data stored online, in transit, or in the cloud (if any)
• Presence in any regulated industry such as finance or healthcare that may require security compliance.

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