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What is Cyber Security Insurance?
Today’s business technology opens up a world of possibilities but also raises some cyber security concerns. Threats of data breaches and computer hacks are real for all businesses, yet according to the 2018 Hiscox Cyber Readiness Report™, seven in ten businesses aren’t prepared for a cyber attack. While big firms incur the highest costs in the aggregate, the financial impact of cyber-attacks is disproportionately greater for small businesses.
Cyber security insurance protects businesses against targeted attacks and even the occasional misplaced laptop containing confidential material. If your company has employees or handles sensitive client information, you are vulnerable. The best cyber security strategy takes a three-pronged approach: prevent, detect and mitigate risk. This includes educating all levels of the organization about the importance of cyber security, facilitating ongoing monitoring of critical networks, reviewing response plans for emerging threats, and insuring against financial risk with a stand-alone cyber policy.
With hackers becoming bolder and cyber attacks getting bigger and more frequent every year, business owners must take control of their computer security and protect themselves. Cyber security insurance provides small businesses the coverage they need to protect one of their most valuable assets – data.
What Does Cyber Security Insurance Cover?
A cyber security insurance policy is designed to cover privacy, data, and network exposures, to offer a computer security solution and give you peace of mind. Since cyber security is one of the fastest growing and changing risks in the world today, both cyber novices and smart and tech-savvy business owners can feel empowered with a policy that protects against hacks, data breaches, or other types of cyber security events.
Here are some examples of what a cyber security insurance plan may cover:
- Privacy, data breaches, and network interruption exposures
- Costs of responding to a cyber security breach
- Costs of defending and resolving claims related to cyber security for statutory violations, negligence, regulatory investigations, and/or breach of contract
The list of regulations and statutes continues to expand regarding the use and protection of cyber security information, as well as notification requirements in the event of a breach. As cyber exposures continue evolving, so will your need to ensure that your business is protected if a cyber attack occurs.
Sample Claims Scenarios
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:
- Stolen Laptop: A thief steals your laptop, containing sensitive client information from your vehicle. A cyber policy could cover the costs you incur to notify your clients of the data breach, including identify protection and credit monitoring services and legal costs.
- Phishing Expedition: You or one of your employees clicks on a link from an email that came from what appeared to be a trusted source. The message was from an experienced hacker and contains malware. Your company’s data is locked and held for ransom. A cyber policy could cover the cost of expert assistance and payment of a ransom.
- Data Recovery: Your company’s server was compromised by a former employee. You have lost all access to your company’s data and the data could potentially be destroyed. A cyber insurance policy could protect your business and provide coverage for the costs to replace, restore, repair, or regain access to your data following a breach.
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This content is provided for general informational purposes only. All such content is subject to and governed by the respective terms, conditions, and limits of an insurance policy that may be issued and may not be reasonably relied upon or used to modify any such policy. This content is not intended to be a solicitation for the purchase of cyber insurance by any US person or entity.
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