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Technology has become a daily part of our lives in ways we never expected. While this can be a great thing, it also means an increase in cyber crime. As businesses and organizations rely more heavily on technology, the risks have increased. As a business owner, you need the right insurance to protect you, your employees and your customers – and you just might need cyber insurance. To learn more about what cyber insurance is and what it covers, keep reading.
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There are different types of cyber-insurance, including first-party and third-party.
First-party coverage, also called cyber liability insurance, is purchased to cover you in the event that your business experiences a data breach involving sensitive information which can include Social Insurance numbers, credit card information, health records or other company data. Some of the services that may come with this coverage include: notifying impacted customers, credit monitoring and public relations support to help repair the company’s damaged reputation. First party coverage can also help pay to recover data in the event of a ransomware attack.
Third-party coverage is often purchased by businesses responsible for managing its customers’ data security. If the company’s customer experiences a data breach or cyber attack, the coverage will help pay for your legal fees and any settlements incurred.
Your business systems may contain sensitive information that belongs to other parties, including customers and employees. Such data might include sales projections, tax records, and other information owned by your business, as well as employee social insurance numbers, customer credit card data and more. If any of this data is lost or compromised by a hacker, it can impact your business significantly in both costs and reputation.
Cyber insurance can protect your business in the event of a cyber crime, including hacking, malware attacks and data breaches.
Coverage can help you mitigate expenses and customer notifications in the event of information theft.
Having a proper coverage plan and the supporting risk mitigation services that are often available with it can help ensure that you have proper security policies in place and that the tools such as endpoint security software are up-to-date to help minimize risk.
The following incidents are not covered under cyber insurance and can be purchased separately:
Loss of property, such as a computer, is generally covered by commercial property insurance.
Criminal activity: such as fraud, robbery, employee theft, or other crimes can be covered under a commercial crime policy.
Make sure you reach out to a BrokerLink broker to find cyber and other relevant coverage that can be tailored specifically for your business needs.
Below are some of the risks to consider when deciding which type of insurance to purchase:
Hacking
Social Engineering
Ransomware
Data Breaches
Malware Attack
Cloud Abuse
Contact your BrokerLink broker today to find insurance tailored for your specific business needs!
Small, medium and large – any business with a computer that houses customer and other proprietary data, including:
Retailers
Doctors & other medical professionals
Lawyers
Realtors
Professional service providers – from accountants to estheticians
Income loss from disrupted online sales
Electronic data loss and damage
Threat to reputation
Credit monitoring
Legal fees and settlements
Financial costs of incidents that affect the confidentiality, integrity and availability of information
Cyber attacks and data breaches
Legal and civil damages
Security breach remediation and notification expenses
Crisis management expenses
Forensic investigations expenses
Computer program and electronic data restoration expenses
E-commerce extortion and reward payments coverage
Business interruption and additional expenses
Other events that impact IT systems and networks
Use strong password protection for your computer
Provide employees with individual accounts
Change passwords regularly
Install and run anti-virus and anti-spyware software
Install software updates as they’re available
Save backup copies of important business data and information
Big or small, if your business stores and manages sensitive electronic data, such as customer contacts, sales information and credit card numbers, it can be targeted and you can benefit from cyber insurance.
The number of devices and applications your business has increases your risk and makes your business more vulnerable to cyber attacks. The right cyber insurance coverage tailored to your organization’s needs, can help protect your business.
Why should you use a BrokerLink Insurance Advisor to purchase cyber insurance? Here are a few reasons:
Cyber attacks pose a serious threat to your business and the costs incurred to counteract the attack can quickly mount.
In the event that a cyber intrusion occurs and you need to file an insurance claim, you will need to prove that your company did everything possible to prevent the attack.
An experienced insurance broker will help you find the right cyber policy with coverage that can help protect your business in the event of a claim and any expenses resulting from a data breach, ransomware or theft.
At BrokerLink, we are licensed insurance experts who know the insurance rules and regulations so you don’t have to. When you deal with a BrokerLink Insurance Advisor, you know your investment is protected. We offer insurance on your terms and we make it easy.
What is the difference between cyber liability and data breach insurance?
There are a few differences between cyber liability insurance and data breach insurance. However, the main difference is that cyber liability covers both monetary losses from a breach and provides legal protection, while data breach only protects your financial interest. To learn more about these two types of insurance, speak with an insurance broker.
What should I look for in a cyber insurance policy?
This depends on the type of business you have and what your risks are. In general, you should look for a policy that offers coverage in the event your business is affected by hacking, a data breach or a malware attack. You should also look for a broker who is knowledgeable about cyber insurance so you are informed about your risks and the level of coverage you need.
If I lose my personal data due to my own negligence, will I be covered?
If you have not done your due diligence by purchasing the right coverage to protect your data, it’s possible you will not be covered in the event of a cyber attack. Talk to your insurance broker to understand what your responsibilities are and to ensure you have coverage based on your business needs.
If my computer is stolen, does cyber insurance cover it?
Cyber coverage does not cover the physical computer but there are several coverage options when it comes to damage or loss to a business computer. Talk to your insurance broker to learn exactly what you need for your policy.
How much cybersecurity insurance is enough?
The amount of cybersecurity insurance you will need differs per person and business. Some will need more and some will need less. To figure out how much is best for you, consider your cyber security risk. Are you a large corporation? What industry are you in? Is your industry regulated? A insurance broker can help you to determine your need based on your answers to these questions.
How is a cyber insurance premium calculated?
Just like any other type of policy, multiple different factors are considered when determining a price for a cyber insurance policy. Some of these risk factors can include your coverage wants and needs, who has access to your data, your network security, your industry and your claims history. A insurance broker will be able to delve deeper into the price breakdown, and risk factors.
