Your business needs protection against the financial risks associated with cyberattacks. Cyber Insurance covers the costs of dealing with the aftermath of cyber incidents. It can provide coverage for a wide range of cyber-related risks.
Here are some key aspects of cyber insurance:
Data Breach and Hacking
Unfortunately, sometimes data becomes lost or stolen due to cyber events. When this occurs, your policy will cover the costs to notify affected individuals.
Business Interruption
Cyberattacks, like ransomware, can cause significant downtime in operations. Business Interruption coverage may cover lost revenue and the costs of restoring business operations during this downtime.
Legal Costs
If a company faces lawsuits due to a data breach or cyberattack cyber insurance can help cover legal defense.
Ransomware
When ransomware attacks your business, your policy may cover the costs associated with restoring the system and investigating the attack.
Incident Response
Cyber insurance often includes access to expert services for handling a breach or cyberattack. These expert services include for example forensic analysis, communication management, and public relations.
Reputation Management
After a cyber incident, a company’s reputation could suffer. Cyber insurance may offer support for managing the public relations fallout and maintaining customer trust.
Third-party Liability
If a business is responsible for a data breach that affects a client or partner, the insurance can cover damages, legal fees, and settlements from lawsuits filed by those third parties.
Cyber insurance policies vary significantly in terms of coverage, limits, and exclusions. It’s important for businesses to carefully assess their risks and choose a policy that fits their specific needs. Many businesses are increasingly recognizing the importance of this type of coverage as cyberattacks become more frequent and sophisticated. At Legacy Insurance we have the expertise in both insurance and network security to assist you in your cyber policy purchase. Reach out to Michael Powell, CISSP at (972) 853-8884 or email him directly at mike@legacy-ins.com for additional information.