With ever tighter government regulations evolving regarding data privacy, it’s important to cover your business for liability and loss due to cybersecurity breaches. At Hawsey Insurance, we help businesses like yours find cyber insurance for protection against hackers and the chaos resulting from data breaches.
Who Needs Cyber Insurance?
If your business stores personal information about customers, you should consider investing in cyber insurance. We recommend cyber insurance if any of the following conditions apply to your business:
Accepts digital payment types
Uses computers and other devices that connect to the internet
Stores customer information such as contact details, financial data, or medical records
Keeps confidential client information on file
Why You Need Cyber Insurance
Cyber insurance will protect your business against lost revenue and recovery costs due to an extortion threat, breach or other cybersecurity incident covered in your policy. It also covers losses due to third party instruction (phishing) that leads to a data breach. Although privacy and cybersecurity laws vary by state, you could face lawsuits, fines, and other consequences of a major data breach. With cyber insurance, you don’t have to worry about spending your business reserves on defense in a lawsuit. Additionally, most cyber insurance policies cover the cost of breach response following a cyberattack. Contact a Hawsey insurance agent for a free cyber insurance quote.
Types of Cyber Insurance Coverage
Hackers become bolder and more sophisticated every year. You may not have the resources to pour into cutting edge technology that can make your business bulletproof. However, you can invest in cyber insurance to protect your sensitive company and customer data. Here are different types of coverage to discuss with your agent when you receive a cyber insurance quote:
Breach costs: Covers costs of dealing with a data breach. This could include forensic costs to find the source of the breach, notification costs to notify impacted parties, and credit protection for impacted parties.
Cyber Extortion: Covers financial payments for ransom demands associated with hijacked data.
Cyber Crime: Covers losses due to funds transfer fraud, social engineering, and reverse social engineering.
Social engineering involves electronic impersonation of a trusted party to trick you into providing credentials or financial information.
Reverse social engineering involves a hacker who uses your computer to trick clients or vendors into transferring money to them.
Business Interruption: Covers lost business income due to viruses, programming errors, tech failures, and computer hacking.
Data recovery: Covers costs to restore, replace, or repair damaged data.
Privacy Protection: Covers the cost of compromised data that results in a breach of privacy for individuals or entities. Costs may include charges of negligence or violation of laws designed to protect consumer privacy.