Cyber Insurance

As businesses increasingly rely on digital systems and handle sensitive customer information, the need for robust cyber insurance coverage has never been greater.

Expert Guidance

Our team of experienced insurance professionals specializes in cyber risk management. We provide expert guidance and support to help you understand cyber risks, assess coverage needs, and make informed decisions to mitigate potential threats.

Cyber insurance overview

In today's digital age, a data breach isn't just a technical issue—it can also tarnish your brand's reputation and compromise sensitive customer information. This is where cyber insurance steps in as a crucial safeguard for businesses of all sizes.

What is cyber insurance?

Cyber insurance is a specialized policy designed to protect businesses from the financial fallout of a data breach involving sensitive customer data, such as Social Security numbers, credit card details, account numbers, driver's licenses, and health records.

What cyber insurance covers:

Cyber insurance goes beyond just covering legal fees and expenses. It typically assists with:

1. Customer Notification:

Informing customers about a data breach is often mandatory and can be costly. Cyber insurance helps cover the expenses associated with notifying affected individuals.

2. Identity Restoration

If customers' personal identities are compromised due to a breach, cyber insurance can help with the process of restoring their identities and protecting their credit history.

3. Data Recovery

Recovering compromised data is crucial after a breach. Cyber insurance can cover the costs of data restoration efforts.

4. System Repairs

Breaches can damage computer systems. Cyber insurance helps cover the expenses of repairing and restoring these systems to normal functionality.

Cyber insurance Faq

When do you need cyber insurance and when do you need crime insurance?

If a business handles sensitive customer information and relies heavily on digital systems, cyber insurance is essential. It covers liabilities associated with data breaches, including legal fees, data recovery costs, and customer notification expenses. On the other hand, crime insurance typically addresses losses from employee dishonesty, theft, forgery, or fraud.

How does cyber insurance help with regulatory compliance?

Cyber insurance can assist businesses with regulatory compliance by covering expenses related to legal fees, investigations, and fines resulting from non-compliance with data protection regulations. It can also provide support in implementing cybersecurity measures and incident response plans to meet regulatory requirements effectively.

Does cyber insurance cover third-party liabilities?

Yes, cyber insurance typically includes coverage for third-party liabilities related to data breaches and cyber incidents. This coverage extends to expenses incurred from lawsuits, legal defense costs, settlements, and damages sought by customers, clients, or other third parties affected by a data breach or cyber attack. Cyber insurance can help protect businesses from the financial ramifications of third-party claims arising from cybersecurity incidents.

Scroll to Top