Cyber Liability Insurance
Protect your cyber assets. You have more of them than you may think.
The simple truth for all small businesses:
It’s not a matter of IF you will experience a cyber attack, but WHEN.
These days, it’s more important than ever for small businesses to have cyber liability insurance. This type of insurance can help cover the costs of data breaches, cybercrime, and other online vulnerabilities.
It’s important to choose the right policy for your business, however. Make sure to work with an experienced insurance broker who can help you find the right coverage for your needs.
Cyber liability insurance is a must-have for small businesses in today’s digital world. Don’t wait until it’s too late – get covered today.
Our specialized coverages include:
• Website content including copyright/trademark
• Data breach liability
• Restoration/replacement of electronic data
• Business income
• Public relations
• Security breach expense
• Regulatory proceedings fines/penalties
• Crime coverage to include:
• Social engineering
• Funds transfer
• Telecommunications hacking
Myths about Cyber Liability
You may think that cyber insurance is just a gimmick to sell more insurance, but the fact is many industries now
require specific cyber coverages and/or limits in their business contracts. In fact, you may be thinking the following:
I’m not in a high-tech business.
You don’t have to be. Do you have customer data of any type? Do you have intellectual property? Do you have employees? Companies represented in this research lost an average of more than 9,350 individual records as a result of the data breach, nearly double over the previous year.
I can’t afford cyber insurance.
Can you afford not to have cyber insurance? The average breach can cost $ 1 million in remediation costs.
Hackers focus on large companies.
Over 61% of businesses with fewer than 1,000 employees have suffered a cyber attack within the last 12 months, and over 54% have had data breaches involving their employee or customer data.
I don’t do business on the internet.
Perhaps not, but if you store customer or employee data on a computer and use the internet, you are still at risk. 52% of companies experienced a ransomware attack and more than half of those affected have had more than two ransomware incidents in the past 12 months.
I don’t have any valuable data.
All data is valuable to a hacker. 54% of respondents had a breach involving sensitive information about customers, prospects, or employees.
I have anti-virus software.
That’s great! But it may not be enough. Only 39% of respondents say technologies currently used by their organization can detect and block most cyber attacks.
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