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.
Cyber Insurance Policy
Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues. It’s not a question of if your organization will suffer a breach, but when.
Cyber insurance can help restore employee and customer identities, recover compromised data and repair damaged computers and networks, whether your business is the victim of a data breach, password attack, ransomware, or phishing attack.
You could be at risk for a cyber-attack. A staggering number of small and medium-sized organizations get attacked each year — many without the support of cyber insurance coverage. And if your systems or data are compromised, it can put you out of business or cause a significant financial loss.
Any business that stores data on a network is at risk for a cyber-attack. Data privacy attacks now occur every 40 seconds in the U.S.
Without cyber insurance, you could be on the hook for state and federal fines and penalties, a forensic investigation, breach notification costs and even a class action or third-party lawsuit down the road — all hits on your balance sheet.
What's typically covered?
Cyber insurance covers the following first-party and post-breach expenses:
Not all cyber policies are created equal, so having an experienced agent will be key to making sure you’re adequately insured.