Every company, both big and small, that uses any form of technology to conduct business is at risk of falling victim to a cyber attack. The more advanced and intricate technology becomes, the higher the threat each business faces.
To mitigate cyber risk, every company should have cyber liability insurance and a cyber security plan in place to protect themselves and their customers. Mainline is here to help you navigate the intricacy of cyber threats to ensure your business and assets are fully protected.
What Is Cybersecurity Insurance?
Cybersecurity Insurance, also called Cyber Liability Insurance or Cyber Insurance can help protect your company from the repercussions of hacker threats and cyber-attacks. Specific policies even offer protection against the loss of a personal laptop that contains sensitive data pertaining to your company.
As a business, you may be liable for any loss or exposure resulting from intentional or accidental cyber exploitation. With a solid cyber insurance policy in place, a business is more likely to minimize disruption during a cyber incident and cover any financial costs associated with the attack.
What Can a Cyber Insurance Policy Cover?
• Cyber-attacks on your network
• Cyber attacks on any data held by third parties
• Breaches and theft of personal data
• Terrorist attacks
• Costs associated with a lawsuit or investigation
• Ransomware and phishing attacks on employees
• Lost revenue and any costs associated with recovery
Types of Coverage
Businesses have the responsibility to protect the confidentiality of their customer’s personally identifiable information (PII) and their protected health information (PHI). A single breach of this data can leave your company significantly liable and on the line to cover not only the cost but punitive damages as well.
Business Interruption Coverage: Covers costs associated with the loss and damage from viruses that may impair a computer’s ability to safely perform tasks necessary to maintain business operations.
Worldwide Coverage: Offers protection for events that may take place in various parts of the world, adapting to specifics pertaining to various locations.
First Party Liability and Third-Party Coverage: Focusing on PHI and PII, this coverage specifically offers protection against any data leak that infringes on the privacy and protected information of either your business, your clients, or various vendors.
Distinct Insurance Agreement: The a la carte of coverage, this agreement allows you to tailor each policy to fit a specific need based on the level of potential risk and a businesses’ particular needs.
How Do You Know If You Need Cyber Insurance?
Fortunately, unlike some of the great mysteries of the world, this is rather direct. If you answer yes to any of the following, cybersecurity insurance is for you.
• Accepts credit cards or other digital payment types
• Use computers or other electronic mobile devices
• Store medical, financial, or personal information on file
As your business grows and evolves over time, so do the needs of the company. If you would like to know more information about cybersecurity insurance and how it can protect your assets, connect with Mainline to discuss your options