Cyber security insurance protects businesses against targeted attacks and even the occasional misplaced laptop containing confidential material. The best cyber security strategy takes a three-pronged approach: prevent, detect and mitigate risk.
Today’s business technology opens a world of possibilities but also raises some cyber security concerns. Threats of data breaches and computer hacks are real for all businesses, yet seven in ten businesses are not prepared for a cyberattack. With hackers becoming bolder and cyberattacks getting bigger and more frequent each year, business owners must take control of their computer security and protect themselves.
Cyber security insurance provides both large and small businesses the coverage they need to protect one of their most valuable assets – data.
Immediate Support After a Cyberattack:
- Data breach response: This covers your cost of computer forensics, the notification of those affected, call center support for those affected, identity protection services and crisis management and public relations support.
- Cyber Extortion: This covers the cost of expert assistance and ransom payment.
- Data Recovery: This covers the cost to replace, restore, repair or regain access to your data after a data breach, security failure or extortion threat.
Following Months After A Cyberattack:
- Business Interruption: This covers losses from total or partial interruption of your business because of a data breach, security failure or extortion threat.
- Dependent Business Interruption: This covers losses sustained due to a total or partial interruption of your business because of a data breach, security failure or extortion threat at an outsourced process or IT services supplier which you depend on to operate your business.
- System Failure Business Interruption: This covers losses sustained due to the total or partial interruption of your business because of any unintentional or unplanned outage of your computer system not caused by a data breach or security failure.
- Cyber Crime: This covers for the loss of money from your financial account due to fraudulent instruction by a third party.
- Cyber Deception: This covers for the loss of money because of a social engineering or phishing attack against you which results in your voluntary transfer of money to an unintended third party.
- Privacy and Security Liability: This covers claims made against you that typically arise from your failure to protect sensitive information, including subsequent actions by a regulator.
Media Liability: This covers claims made against you that arise from the content of your website, social media and other promotional material.