Businesses can take out cyber insurance policies to help cover costs associated with data breaches, including notifying customers and handling related legal expenses.
Cyber insurance is available for both small business owners and large corporations. Cyber policies typically cover losses from the theft or unauthorized use of data, as well as damage caused by viruses and other malicious code. In addition to covering financial losses, some policies also offer protection against reputational damage caused by a breach.
What Is Cyber Insurance?
Cyber insurance is similar to traditional property insurance except that it covers risks specific to computers and networks. Many companies provide cyber insurance, which can be purchased on an annual basis or as part of a business owner’s policy (BOP). The cost of cyber insurance varies depending on factors such as industry and geographical location. Some companies offer discounts if you bundle your BOP with other types of coverage such as workers’ compensation or liability coverage.
What Does Cyber Insurance Cover?
The goal of cyber insurance is to protect companies and individuals from losses they might incur as a result of a cyber incident. Although there are several types of coverage available, most policies cover the following:
Losses related to data breaches
Legal expenses incurred as a result of a cyber incident
Liability for damages caused by an employee’s negligence in the course of their duties (for example, sending an email containing confidential information)
Costs associated with restoring data that has been corrupted or destroyed as a result of a breach
Theft of data Losses related to hacking, viruses or other forms of malware
The costs associated with responding to a cyber incident (for example, hiring a security firm)
Do You Need Cyber Insurance?
Every business is at risk of cyber attack. The cost of defending against a data breach can be prohibitively expensive, but with cyber insurance you can protect your company from unexpected costs. In fact, many insurance providers offer discounts if you’re willing to invest in cyber security measures like employee training and software updates.
If your business needs cyber insurance, then Cybersafe Solutions is here to help. Their team of experts can help you understand your insurance options, find the right coverage for your business and provide guidance on how to prevent cyber attacks. Cybersafe Solutions is the leading provider of cyber security insurance solutions. They offer coverage for all types of businesses, including small and medium enterprises (SMEs), as well as large corporations.