As our world becomes more connected and our lives and businesses migrate online, the risks a business faces migrate as well. 100 years ago, a bad fire could end a business. Today, the biggest threats are the ones we cannot see: ransomware, malware, data breach, malicious code, & cyber terrorism.
No business that connects to the internet is immune, and the question is not if; it’s when.
Cyber Risk Insurance
Standard property & liability policies were likely first written on a typewriter, not a computer, so it’s no surprise that they offer little to no coverage for the risks a connected business faces.
When your business is faced with a cyber security event, like:
- a breach of trade secrets,
- a transfer of malicious code,
- or a denial of service attack,
a cyber liability policy will provide you with a breach coach who will step in to coordinate an effective and efficient response team.
This team, including:
- Forensic IT,
- Crisis PR,
- and Call Center/Credit Monitoring services,
will step in to reduce your loss. Some policies can even pay to restore damage to your company’s reputation after negative media coverage surrounding a cyber event.
The policy will also cover:
- your lost income due to a cyber event,
- the cost to restore your IT systems,
- and if legal actions arise, defend you in court and pay damages awarded and regulatory expenses.