Cyber risks are one of the top concerns for businesses of all sizes. According to Forbes, cybercriminals can penetrate 93 percent of networks.
Cyber security insurance is one of the best ways to safeguard your business against cyber risks. The agents at Peterson Agency are ready to assist you with coverage.
What Is Cyber Insurance?
Cyber insurance can help protect your business against risks that come with using technology within your business. There are two main types of cyber insurance: cyber liability insurance and data breach insurance. Data breach insurance is typically for smaller businesses to protect against breaches. Cyber liability insurance is often used for larger businesses and offers more coverage to respond to all facets of cyber attacks.
Cyber Liability Insurance
Cyber liability insurance is recommended for larger businesses. This policy can help cover several aspects of a cyber attack, including:
· Legal services to help you meet state and federal regulations.
· Notification expenses to alert affected customers that their personal information was compromised.
· Extortion paid to recover locked files in a ransomware attack.
· Lost income from a network outage.
· Lawsuits related to customer or employee privacy and security.
· Regulatory fines from state and federal agencies.
Data Breach Insurance
Data breach insurance can help your business respond to a breach. This coverage can help cover the following:
· Notifying affected customers, patients or employees
· Hiring a public relations firm
· Offering credit monitoring services to data breach victims
Smaller businesses usually opt for this coverage. Reach out to an agent to find out which coverage best suits your business’s needs.
How Much Does Cyber Insurance Cost?
The cost of your cyber insurance coverage will vary depending on a variety of factors, including:
· Number of customers, clients or patients.
· Type of sensitive data and information you store.
· Claims history.
If you are curious about the potential cost of your policy, reach out to an agent today.
Learn More About Cyber Insurance
Our agents at The Peterson Agency are ready to assist you with any coverage needs, including cyber risk coverage. To learn more or to get started with a policy, contact an agent today.