CYBER INSURANCE
Cyber insurance safeguards against digital threats like data breaches and hacking, helping you recover quickly and protect sensitive information.
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- Cyber Insurance
WHAT IS CYBER INSURANCE?
Cyber insurance, also known as cyber security insurance, protects your business from the financial impacts of viruses, malware, security breaches, ransomware, and other cybercrimes. It covers expenses incurred after a cyber attack, including legal fees and costs associated with liability claims. Though no solution can fully shield you from hackers and cybercriminals, cyber insurance ensures you're ready to respond if a cyber attack occurs.
- Cyber Insurance
WHAT DOES CYBER INSURANCE COVER?
Cyber insurance policies offer two types of coverages:
- First-Party
Covers the expenses to help your business recover from data breaches and other cybercrimes. For instance, first-party coverage can cover the costs of investigating a data breach and notifying your customers.
- Third-Party
Provides legal defense and covers expenses related to liability claims. For example, if a customer sues your business due to their personal information being exposed after a cyber incident.
- Cyber Insurance
HOW DO I GET CYBER INSURANCE?
The rising reality is that the cost of recovering from a cyber attack can put a company out of business. While your business may be covered for accidents and mistakes with general and professional liability insurance, cyber coverage is crucial to guard against the potentially devastating effects of an online attack.
Any business that operates a website, accepts credit card payments, or stores customer data is at risk for cyber threats. A data breach could lead to costly notifications, credit monitoring, or financial loss from phishing or ransomware.
If your business provides professional services and handles sensitive data, you may need both and .
To show proof of cyber coverage, you can provide a . This document, issued by your insurance provider, verifies your coverage, including policy details like limits, effective dates, and insurer contact information.
To file a cyber insurance claim, contact your provider or broker as soon as you discover a cyber incident. Provide detailed information about the event and work with them to document the incident, gather evidence, and follow the formal claims process. This typically includes details like the incident date, breach nature, affected data, and any steps taken to mitigate the damage.
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