Cyber Security 
Insurance

What is Cyber Security Insurance?

Cyber security insurance, also known as “cyber risk insurance” or “cyber liability insurance,” protects businesses against losses that are computer or technology related. This could be due to a phishing or ransomware attack, or because a laptop containing sensitive information was lost or stolen.

Who needs Cyber Security Insurance?

If your business maintains a website, accepts credit card payments, or collects or stores customer data including names, email addresses, home and mailing addresses, phone numbers, and social security numbers and more, you are vulnerable to a cyber incident. You may be liable for the cost to notify affected parties and provide credit monitoring if your data is lost or compromised, even if the data is never exploited. You could lose money in a phishing attack or receive a ransomware demand.

Consultants, personal trainers, online retailers, and healthcare professionals are just some examples of professions for which we provide cyber security insurance. To see if we cover your business type, enter your ZIP code and click Get a Quote above. Provide some brief information about your business and we’ll tell you if cyber insurance is right for you and how much it will cost.

Hiscox Cyber Security Insurance may cover

• Money lost due to fraudulent instruction by a third party (i.e., phishing)
• Lost business income and data recovery costs due to an extortion threat (i.e., a ransomware demand) or breach
• The costs to comply with regulatory requirements, including defense against lawsuits and regulatory fines
• Expert breach response services if a cyber incident occurs
• And more.

Why do I need Cyber Security Insurance?

Nearly every business today uses technology to get the job done. This means most businesses are vulnerable to cyber incidents like hacks, data breaches, phishing attempts and more.

Every year, hackers become bolder and engineer new ways to get to your data – and your money. Small business owners must take control of their cyber security to protect themselves and one of their most valuable assets – their data.

You need Cyber Security Insurance if your business

Today’s business technology opens up a world of possibilities but also raises some cyber protection concerns. Threats of data breaches and computer hacks are real for all businesses. According to the Hiscox Cyber Readiness Report™ 2022, businesses in the US are increasing spending and activity to reduce their vulnerability to cyber events, but there is more work to be done.

How much does Hiscox Cyber Security Insurance cost?

Hiscox Cyber Security Insurance starts at just $66 a month, or the equivalent of around $2 a day. The cost of cyber security insurance is determined by several factors.

Industry
Businesses operating in industries with a higher risk of cyber threats may require more comprehensive coverage which can impact the cost of the Cyber Security Insurance policy.

Business Size
Larger companies with more employees and technological assets to protect may need increased coverage limits.

Coverage Limits
Customizing your coverage based on your business’s specific needs can affect the cost of your Cyber Security Insurance policy. Higher limits will generally result in higher premiums but they also provide increased protection against costly cyber incidents.Bundle and save. We offer customers up to a 5% discount if you buy two or more Hiscox products. Also, by choosing a higher deductible (the amount you pay for each claim), you can lower your premium. It’s only fair, as you’re taking on more of the risk.

Are you searching for Cyber Security Insurance coverage?

Hiscox provides fast, customized cyber security insurance coverage just for you. Get a quote now or continue reading to learn how our cyber security insurance can help your business.

What does Cyber Security Insurance cover?

Hiscox Cyber Security Insurance may cover the following costs:

• Data Breach costs:: Costs associated with responding to a breach, such as forensic costs to confirm and identify the breach, costs to notify affected individuals, credit protection services, including costs to staff a call center for redemption of monitoring offers, and crisis management and public relations costs.
• Cyber Extortion: Response costs and financial payments associated with computer system-based ransom demands. With the proliferation of ransomware and anonymous currencies such as Bitcoin, cyber extortion threats are on the rise. In the digital world, intangible assets are ‘kidnapped’ and used to extort individuals through threats to shut down a system or divulge sensitive or proprietary information if a ransom is not paid.
• Cyber Crime: This optional coverage enhancement may cover financial losses associated with social engineering, reverse social engineering, and funds transfer fraud. Social engineering is when someone uses electronic means to impersonate your client, vendor, or employee to deceive your company into transferring or delivering financial assets. Reverse social engineering is when a cybercriminal uses your computer system to deceive your client or vendor into transferring money intended for you to another person or entity.
• Business Interruption: Lost business income when a company has its network-dependent revenue interrupted. Technology growth has created new business income perils, such as viruses, tech failures, system errors, and computer hacking, so cyber coverage is needed to pay for interruptions from these events as well.
• Data recovery: Costs to replace, restore, or repair damaged or destroyed data and software. In a digital world, property is no longer exclusively tangible, so cyber coverage is needed to pay for intangible data recovery costs.
• Privacy Protection: Costs to defend and resolve claims regarding the handling of personally identifiable or confidential corporate information (but not biometric data). May cover regulatory proceedings and investigations regarding the violation of privacy. May cover issues resulting from the failure of network security, including the negligent transmission of a virus.
• Digital media: This optional upgrade may cover costs to defend and resolve claims related to online content, such as copyright or trademark infringement, invasion of privacy, defamation, unintentional infliction of emotional distress, unfair practices and negligence in connection with your media activities. This is insurance for claims made against you that arise from the content of your website, social media and other promotional material.

What does Cyber Security Insurance not cover?

• Criminal Proceedings: We won’t cover claims brought in the form of a criminal proceeding, such as a criminal investigation, grand jury proceeding, or criminal action.
• Funds Transfer: Other than transfers associated with cyber crime coverage, we won’t cover claims for loss, theft, or transfer of funds, monies, or securities.
• Infrastructure Interruption: We won’t cover claims from failure or interruption of water, gas, or electric utility providers.
• Intentional Acts: We won’t cover any fraud, dishonesty, criminal conduct, or knowingly wrongful act of the business or its employees.
• Prior Acts or Knowledge: We won’t cover any claims you had knowledge of prior to the policy period.
• Subsidiary Outside Control of Named Insured: We won’t cover any incident experienced by a subsidiary you do not have majority ownership or management control of.
• Business Interruption from Systems Under the Control of Third Parties: We won’t cover business interruption costs from a system failure of a computer system owned by any person or entity that is not an insured (except for those interruptions covered by the dependent system failure coverage enhancement).

How Cyber Security Insurance protects your business

Cyber security insurance offers broad coverage designed to protect businesses like yours. Here are some examples of what could go wrong and how it could be covered:

• Phishing email leads to ransomware: An employee at a retail store’s headquarters clicked on a link in a phishing email that appeared to come from a vendor partner. A cybercriminal gained access to the retailer’s entire server, impacting its point-of-sale registers. The ransomware attack held the systems hostage, effectively stopping sales from being transacted, until ransom was paid.
• Media firm experiences breach of client information: The computer system of a media firm contains large amounts of data on its clients’ analytics, including search engine optimization keywords, pay-per-click campaigns, customer databases, etc. The system’s security services upgrade lapsed, leaving it vulnerable to a data breach. The system was hacked and the media firm was obligated to indemnify its clients for breach costs to notify impacted customers and lawsuits alleging negligence.

Paladin Shield – included at no extra charge

Included with your Hiscox Cyber Security Insurance policy is Paladin Shield, a powerful cyber security platform. Paladin Shield provides software protections, live consultative services, and security training content including phishing simulations, all under one log-in.

Paladin Shield works to prevent cyber incidents before they happen. Hiscox insureds that engage with Paladin, by adding employees to the platform and completing training, file cyber claims at less than half the rate of those who do not engage with Paladin.

The trainings on Paladin Shield can be found in the Cyber University section of your customized Paladin Shield portal, which you can access at this link.

You can click on the start button next to the training you want to take and go!

Don’t have a Paladin account? Sign up.

For more information contact:

Email: [email protected]

Phone: (800) 418-8593

Live chat: www.meetpaladin.com

Contact a licensed insurance agent to start your quote today

1-833-816-2811

For speech or hearing impaired customers, please dial 7-1-1.

This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any Insurance policy, nor does it imply that any claim is covered. Coverage is subject to underwriting, terms, conditions, and limits of the policy.