As businesses continue to expand their online presence, the risk of cyber attacks and security breaches increases. Is your business at risk? Which type of coverage do you need and at what level? In this article, we explore the difference between cyber liability insurance and cyber security, as well as what type of coverage you should consider for your business. Let’s get started.
At Cedar River Insurance, we understand the importance of safeguarding your business against cyber threats and can help you determine the coverage that's right for you.
Click HERE to get a free quote or call us today at 517-580-3819.
What is the difference between Cyber Liability Insurance and Cyber Security?
Don't mistake cybersecurity for cyber liability insurance - it's not the same thing. Relying solely on cybersecurity measures can leave your company exposed to devastating losses from the growing number of malicious attacks. Cybersecurity can safeguard your systems. However, it can't provide compensation when an attack has already occurred.
Cyber Liability Insurance is designed to protect businesses from losses related to:
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Prior Acts Coverage
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Reputation Damage Expense
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Forensic Specialist Expenses
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Including both Paper and Electronic Data
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Liability Coverage with the same Company
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Loss Control & Mitigation Services
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Business Interruption
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PCI Coverage
Does Your Business Need Cyber Liability Insurance?
YES!
Almost all businesses have online components such as transactions, storing sensitive data, security system monitoring, communications with clients and vendors, and much more. It’s hard to avoid in our current world of technology and the internet.
How many days could your business operate if you suffered a cyber attack and your system was locked down? How much money would you lose by being down for just one day? One week? One month? Would your business be able to recover? Would you even know where to begin to fix the problem?
This is why every business needs some sort of cyber liability insurance.
Increasing Risk of Hackers and Breaches
Staying on top of the latest cyber crimes, hoaxes, and hacker trends is a full-time job. There is an entire industry dedicated to it. As a small business owner, you do not have time to deal with this on top of everything else you do on a day-to-day basis. However, chances are you will be forced to deal with it at some point. The only question is, will you be prepared? If you aren’t it could quite possibly put you out of business.
With Cyber Liability Insurance, you can sleep easy knowing you are covered. The experts will take care of it for you so you can concentrate on the successful growth of your business.
Just like every business is unique, so is the cyber coverage they require. Cedar River Insurance can help find the right policy for your business needs. With the benefits these policies provide, a cyber liability policy can be very affordable for most businesses.
Contact us today at 517-580-3819.
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