Safeguard your business against a financial loss due to a data breach other form of cyberattack.Talk to an expert
Cyber insurance covers several types of risks, more than the exposure of being hacked. Below are come common coverages. Your agent can help you choose the right coverage based on your business's risk factors.
When a business is hacked, it can be expensive to notify customers of a breach. The average cost to notify the victim of a breach is $146. Breach response can be the most expensive part of a cyber insurance claim. The coverage pays expenses related to notifying your customers that their data has been stolen or accesses by an unauthorized party.
A business is the victim of cyber extortion when a bad actor steals data and demands payment to keep it confidential. It is also a victim when ransomware is installed on company devices, and a criminal demands money unlock or decrypt them. Cyber extortion coverage helps pay to return your business to normal operations.
Your business may use another company to process its credit card transactions. That company could be the victim of a cyber attacked, and your customers' data could be exposed. Your payment processor is responsible and so are you. Payment card liability coverage protects your business from a breach at your payment processor.
Social engineering describes the scenario where a business is tricked into acting in its disinterest or in the disinterest of a customer. It wires money to a fraudster or gives a password to an impersonating criminal. Fraudulent instruction coverage pays your business's expenses for a loss that is the result of social engineering.
Important company data might be accidentally deleted. It could also be damage while in storage or transit. Cyber insurance will pay expenses ties to the recovery of your business's data.
An unanticipated cyber event may leave your business unable to operated. Business interruption under your cyber policy will provide income protection to your business.
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