Cyber-attacks can happen to any business, big or small, and while cyber insurance can’t protect you against them, it will help you financially. Cyber insurance can keep your business afloat should you be the victim of a data security breach, cyber-attack or similar.
Technology has become entirely integral to how almost every business operates. Your operations, systems and more are probably connected to the internet in some way. Almost all businesses store at least some files online. Every online resource you use has the potential to be compromised by cybercriminals. While this can sound daunting, it doesn’t need to, with the right security plan in place. Your company’s security plan must include protection against cyber-attacks, best found in the form of cyber insurance.
What is a Cyber Insurance Policy?
Cyber insurance, sometimes called cyber liability or cyber risk insurance, exists to help your business mitigate the cyber risk exposure by offsetting costs that come after an attack. It also helps financially during the recovery period. Cyber insurance may cover many different things but the main elements of a policy are usually:
Investigation
Forensic investigation is essential after a cyber-attack and this is a costly process. Your policy will cover this investigation and help ensure the results are found and can be used to prevent further attacks
Business Loss and Interruption
Your cyber insurance policy should cover you against financial loss due to the cyber-attack. This could be financial losses due to downtime, management of the crisis and repairing reputational damage.
Customer Privacy Support and Management
If your customer’s data is compromised, you need to keep them in the loop and support them. You will need to notify them, and you may need to provide credit monitoring. This is especially important if your breach has seen their private financial credentials compromised.
Compensation and Extortion Costs
You may find third parties claim for compensation against your business in the event of a cyber-attack. You may also fall victim to a ransomware attack where the cybercriminals extort money to release your data or system. In each case a comprehensive cyber insurance policy should provide the cover you need.
Cyber Insurance at Just Quote Me
Work with us at Just Quote Me to find the best cyber insurance policy for your needs. This kind of policy is available for businesses of all sizes. Our friendly and knowledgeable team are on hand to help you find the best cover for your business.
