small business owners protected from a cyber attack with cyber security insurance

Cyber First™
Cyber Security Insurance

Protect your business from malware and hackers with cyber security insurance

 

Cyber First™
Security Insurance

Protect your business from malware and hackers with cyber security insurance

Speak with a licensed insurance agent
 Monday – Friday, 7am – 10pm ET
Call
Speak with a licensed insurance agent
 Monday – Friday, 7am – 10pm ET
94%
Hiscox rated 4.8 / 5
Rated 4.8 / 5

What is Cyber Security Insurance?

Cyber security insurance protects businesses against computer-related crimes and losses. This can include targeted attacks, such as malware and phishing, as well as the occasional misplaced laptop containing confidential material.

If your business computer system is compromised by a targeted or an accidental attack, you may be liable for the cost to notify the affected parties and provide credit monitoring, even if the data is not exploited. You could lose money to a phishing attack or lose business due to a ransomware demand.

A cyber insurance policy is designed to cover privacy, data, and network exposures. 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.

Cyber First cyber security insurance covers:

  • Lost business revenue and data recovery costs due to a breach or extortion threat
  • Money lost due to a fraudulent instruction by a third party (known as phishing)
  • Defense against privacy lawsuits and regulatory fines
  • Breach response resources if an attack occurs.
  • And more.

Why do I need Cyber Security Insurance?

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, 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.

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 insurance provides small businesses the coverage they need to protect one of their most valuable assets – data.

You need cyber insurance if your business:

  • Accepts credit cards or other digital payment types
  • Uses computers and mobile devices
  • Stores confidential customer information
  • Keeps medical or financial data

What does Cyber First cover?

  • Breach response costs: This covers your cost of computer forensics, the notification of those affected, call center support for those affected, identity protection services, and crisis management and public relations support.
  • Cyber crime: This is insurance for the loss of money from your financial account due to fraudulent instruction by a third party.
  • Cyber deception: Cyber deception: This is insurance for the loss of money as a result of the a social engineering or phishing attack against you which results in your voluntary transfer of money to an unintended third party
  • Data recovery: This covers the cost to replace, restore, repair, or regain access to your data after a data breach, security failure or extortion threat.
  • Media liability: This is insurance for claims made against you that arise from the content of your website, social media and other promotional material.
  • Utility fraud: Just like consumers, businesses can be victims of utility fraud. This covers your costs if someone defrauds you by using your business identity to procure utility services.
  • Bricking: This covers your costs if an electronic device is purposely rendered useless, whether by physical or virtual damage.
  • Business interruption: This covers losses from total or partial interruption of your business as a result of a data breach, security failure or extortion threat.
  • System failure business interruption:You’re covered for losses sustained due to the total or partial interruption of your business as a result of any unintentional or unplanned outage of your computer system not caused by a data breach or security failure.
  • Dependent business interruption: This includes losses sustained due to the total or partial interruption of your business as a result of a data breach, security failure or extortion threat at an outsourced business process or IT services supplier which you depend on to operate your business.
  • Dependent system failures: You're covered for losses sustained due to the total or partial interruption of your business as a result of any unintentional or unplanned outage of your computer system at an outsourced business process or IT services supplier which you depend on to operate your business.
  • Privacy liability: This is insurance for claims made against you that typically arise from your failure to protect sensitive information, including subsequent actions by a regulator.
  • Breach prevention resources: Protection for your data with access to a panel of breach response experts who will help you respond to a cyber event and get your business back up and running.

What is not covered

  • Costs associated with lost data due to hardware loss or damage
  • Prior cyber events that occurred before the policy effective date
  • Lost revenue from damage to your business's reputation

Sample claims scenarios:

Cyber 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 identity 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.

Contact a licensed Hiscox insurance agent to start your quote today

About Hiscox Accessibility Legal notes Privacy Site Map Terms of Use

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.

© 2019 Hiscox Inc. All rights reserved.