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Save up to 35% on smarter business insurance for Cyber Insurance
What is Cyber Insurance for Businesses?
Cyber insurance protects businesses from any sort of cyber crime or attacks that can take place and not only threaten the health of the business, but also expose sensitive client data. This can include ransomware attacks, phishing scams, impersonation schemes, and other newly evolving forms of cyber crime. Attacks are becoming more sophisticated and harder to catch, so simply having free antivirus software will no longer cut it.
Who Needs Cyber Business Insurance?
Any business that uses online and digital tools should have cyber business insurance - even using e-mail puts your business at risk. Even if you just have email and mailing addresses for reference, such as a client list for a landscaping business, if you store that information then it is susceptible to attack. Apart from that, all businesses with an online presence or any business that stores private, sensitive information about clients or employees digitally should have cyber insurance. If you store credit cards or financial information, those clients are susceptible to having both their personal and their financial information compromised in an attack.
Examples of Cyber Insurance Claims
Ransomware Attack
Data Breach
Impersonation Scam
In the middle of a work day, you and all of your employees are hit with a ransomware attack. The attack has completely shut down your workflow, and you are unable to accept any orders or earn any revenue until the issue is resolved.
Frequently Asked Questions
Why Should You Get Cyber Insurance Coverage?
Cyber liability insurance is important to protect your business from any number of attacks. Attackers have become so sophisticated that it is hard for even diligent eyes to recognize the signs of an attack until it is too late. Rescuing a business from a cyber attack or data breach can be costly, and insurance can help protect businesses from those costs.
What Can Affect the Price of Cyber Liability Insurance?
The nature of your business and the nature and the amount of data that you are dealing with will be determining factors in the price of your cyber insurance. A business that only maintains business mailing addresses of customers and no other identifying information will pay less for insurance than a business that maintains full financial and banking information, or sensitive medical data for example.
When Should Businesses Purchase Cyber Insurance?
Cyber business insurance is beneficial from the day that that business first goes online. While a great security infrastructure will help keep a business safe, it may not protect against every attack, especially as criminals become more sophisticated. Cyber insurance can make sure that even if these attacks happen, they are not detrimental to the health and future of the business.
