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Your digital assets need just as much protection as the physical assets in your business. Be prepared for a cyberattack with the right insurance.
Cyber breach insurance provides coverage for losses from cyberattacks and data breaches as well as systems failure events due to a malicious virus.
Cyber insurance is usually covered by a minimal extension of coverage included from your commercial property insurer, or through a separate Cyber Liability policy purchased to cover your company's specific needs.
A cyber policy takes care of liability assumed by your business when a data breach involves (but not limited to) the following customer information:
All businesses who collect and use client information, as well as store sensitive data on electronic devices or in the cloud, need to consider buying cyber insurance.
You might think that only banks or manufacturing companies need secure cyber protection. In fact, if your business has an Internet presence at all or you interact with your clients or vendors in an electronic format (ie. email), you should purchase a cyber policy. You’re open to liability if you enter customer data anywhere such as:
If your systems get hacked, then you’ll not only potentially lose your own personal information, but your customer data becomes exposed as well. It’s your responsibility to notify all clients when you experience a data breach, and a big cost can come with that process.
Cyber security insurance affords your company protections against things like stolen information, viruses and malicious software, hacking attempts, and various types of cybercrime including fraud or identity theft.
A cyber breach involves loss or theft of data from:
Some breaches involve sending emails to the wrong person and exposing sensitive data to someone who doesn't have the right to view it. Other breaches involve hackers gaining access to your system and placing viruses so that you and other employees lose all access to portals.
Sometimes a hacker will:
DDoS (distributed denial of service) attacks are another form of cyberattack. They target networks or services in an attempt to disrupt normal traffic patterns by overwhelming the target’s infrastructure.
Cyberattacks aren’t limited to digital theft. Some hackers use ransomware attacks where they lock you out of your system and then demand a ransom before giving you access again.
There are a number of cyber threats that can be covered using cyber insurance.
Data breaches that involve customer information are protected under your policy. This might include health records, driver’s license numbers, account numbers, credit card numbers, and Social Security numbers.
Depending on the cyber policy you choose, you may have coverage for both first and third-party damages. First party means coverage against losses to your organization such as data destruction, extortion and theft. Third party coverage indemnifies you for losses to others for example by errors and omissions in your technology, failure to safeguard data or wrongful acts such as defamation to name a few.
Cyber breach coverage helps with both first-party and third-party damages by covering any attack that results in hackers gaining access to your system and stealing data.
Many cyber insurance policies do not provide coverage for things like reputation and brand harm; loss of future revenue due to a loss; loss of value of intellectual property (ie. patents).
You may also want to determine if you require coverage for property damage or bodily injury as a result from a physical cyber attack. This may be excluded under your commercial property policy and need to be purchased specifically under your cyber insurance policy.
The costs associated with cyber coverage depend entirely on the exact risks involved. There’s no way to provide your company an exact price without a quote based on your specific information.
We encourage you to contact us here at Knight Archer so that we can give you a quote and help you find a cyber policy that fits into your budget and covers your risks.
Several factors determine the cost of cyber insurance policies. These include:
Your level of risk affects the premiums you’ll pay for your cyber coverage.
Looking at whether your business is in a high-risk industry is one way that insurance companies assess risk. Examples of higher-risk industries include:
Another factor that raises your costs with cyber insurance is whether your company has previous data breaches.
You’ll pay less for cyber breach coverage if your risk assessment is lower. The following factors play into keeping your premiums down:
The best way to know your precise costs in this area is by contacting us for a quote.
You have two choices when it comes to submitting a claim after your company suffers a cyberattack.
The first path you might take is to contact your cyber insurance company directly. They’ll assign an agent to your claim so that you can talk through the situation.
You can also have your broker report the claim to the insurance company for you. This can be a big benefit because you’ll have our team available to guide you through the process.
When submitting your claim, it’s important to provide as many details as possible about the incident. Take screenshots, report all the details, and help your insurance company understand all customer data affected by the attack.
Cyberattacks are only increasing in our digital age. There’s no reason to think that the trend won’t continue to rise going forward as more businesses use Internet and cloud-based systems to operate.
With more sensitive data exposed inside these accessible systems, cybercriminals become bolder in their attempts to retrieve this data in pursuit of their own profits.
It’s important to do everything you can to prevent a successful attack on your systems that puts your clients or customers at risk. There’s no way to know for sure that you’ve locked down your infrastructure against hackers, however, you can use cyber insurance coverage to protect your business against the costs associated with any breach that might occur.
We work with you to help you most suitable cyber insurance coverage for your needs. We’ll work closely with you to put a cyber insurance policy in place that helps you sleep at night knowing your data is covered.
If you prefer in-person or over the phone, you can always chat with one of our account executives.
This stands for a structured query language attack. SQL is a computer language that allows databases to communicate with one another.
An SQL injection attack hacker uses this technology to delete, alter, or view the backend of your webpages or web applications. They use this stolen data for blackmail, identify theft, or to access banking information.
Simply put, ransomware is a malicious code or software that infects your system by locking you out of your files. Cybercriminals gain access to your sensitive data and then hold you for ransom by demanding payment before returning your access into the system.
Typically, these hackers gain access after someone in your organization downloads an email attachment or clicks on a link.
Criminals can gain access to your data after tricking you or an employee to click a malicious link inside a text, instant message, or email message.
Tell your employees that hackers know how to make emails look convincing. An email might appear as though it’s from a trusted company like PayPal, for instance. The logo looks authentic, but the sender’s email isn’t from PayPal’s domain upon closer inspection.
Phishing criminals use the trick to get you or employees to freely give up company network, password, banking, or username details.
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