As a business owner, you know that it is important to protect your assets. But what about your digital assets? Are you taking the necessary cyber security steps to insure them? If not, you could be putting your business at risk. Learn more about digital asset insurance and our coverage below:
Your digital assets may include confidential business information such as customer data, supplier names, and financial records. Marketing materials for use in advertising campaigns like images or videos stored electronically, website files, cryptocurrencies, and tokens, are also all forms of digital assets.
Digital assets are often stored in data repositories, file servers, or cloud storage accounts. Data repositories are typically located on-site at your business location whereas cloud storage is usually housed remotely with an outside third-party vendor. Unfortunately, when unauthorized individuals gain access to digital assets, they can lead to significant loss of revenues and penalties for noncompliance with laws and regulations.
Digital asset insurance can help protect your business in the event of data breach or any other incident that results in damage to your digital assets. This includes loss, destruction, corruption, interruption, or unauthorized access to data servers, which can lead to downtime and lost revenue for your company. How much protection you need depends on the value of your digital assets.
At Vanasek Insurance, we provide coverage for all types of digital assets which are housed in either on-site or cloud storage accounts. Our policies are built to match our clients’ needs while providing comprehensive coverage and exclusive benefits not offered by other insurers.
Cyber attacks are on the rise. Whether you’re a small business or an enterprise, cybercriminals are actively looking for ways to break into your systems and either extort money from you, steal data and passwords, or even gain access to your bank accounts or cryptocurrency investments.
A breach of security can result in a number of problems for your business and can have catastrophic financial effects. This is why it’s important to have your bases covered.
In the event of a breach, you may have to pay fines and penalties if you are found noncompliant with state or federal laws. In addition, businesses that suffer data breaches often experience an increase in lawsuits from customers who feel their personal information has been compromised.
In some instances, you might be required to pay a ransom to retrieve your data and restore operations at the company if you’re a victim of a ransomware attack.
Long-term costs may also include:
Having a digital asset insurance policy in place can protect your company from the financial and legal costs associated with security breaches.
Businesses of any size may be at risk of suffering a data breach, which is why it’s important for every organization to have some form of coverage. Even sole proprietors should consider this type of insurance because you never know when your systems could be breached.
Small businesses may not think they have much to protect, but the financial impact of a security breach can be just as damaging for a mom-and-pop business as it is for an enterprise corporation.
Don’t think a cyberattack will happen to you? The truth is it may already be happening. The Ponemon Institute research group found that cybercrime costs small businesses an average of $8,000 per attack and $1.6 million for larger enterprises.
The impact can be devastating to your business as well as personal assets if the breach involves personally identifiable information such as names, social security numbers, and credit card numbers.
A solid digital asset insurance policy will help protect you from a data breach as well as downtime. For a relatively low cost, your business can be covered against damage caused by viruses, malware, ransomware, and other cyber attacks that have become so prevalent today.
Our experienced and knowledgeable team can help craft a coverage plan to protect your business interests should the worst happen and you lose access to your digital assets.
We can provide comprehensive coverage for a wide variety of digital assets. We know that every business operates differently and has different needs, which is why we offer custom-made plans to meet all your requirements.
A digital asset is defined by its online access through a database, computer or server. (Digital Assets do not include computer hardware of any kind). Your customized, comprehensive digital asset coverage might include:
and much more!
Yes. Crypto assets like cryptocurrencies, Non-Fungible Tokens (NFTs), and Fungible Tokens (FT) are all the digital assets you store in the blockchain that are covered by our insurance policies. This can include virtual currency wallets, photos or videos stored online, and even rights to artworks in real life.
At Vanasek Insurance, we help protect you from 21st Century risks. We can help insure your investments in blockchain assets.
You can give us a call or schedule a free, no-obligation consultation for your business. Book an appointment with a cyber liability insurance expert at your earliest convenience now.
Need something else? Fill out the form below, and a specialist will get in touch!
If you’re looking to purchase coverage for any other type of asset (such as vehicle, health, or property insurance), we can help in that category too! We work with all kinds of clients in the digital asset space and are happy to take you on as a valued customer.
We look forward to hearing from you soon!
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Digital Assets Coverage
Cyber insurance can provide businesses with an extra layer of protection against data breaches and other cyber threats.READ MORE
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