Cyber insurance protects businesses from losses due to theft of data, denial-of-service attacks, web site hacking, and more.
Cyber insurance policies vary greatly based on the type of business and its cyber security needs. Some policies may include coverage for data restoration and breach notification expenses, while others may only provide coverage for direct costs associated with an actual cyber attack (i.e., forensic investigation).
Cyber insurance can be used in conjunction with other types of insurance policies. For example, some companies purchase property insurance to cover the cost of damages to physical assets such as computers and equipment in the event of a cyber attack but rely on cyber insurance for any losses associated with lost information or data breaches.
Who Needs Cyber Insurance?
Any business that conducts transactions electronically is at risk for experiencing a cyberattack. If you accept credit cards or store customer information on your website or in your computer system, then you could be at risk for experiencing a breach of customer information.
In addition, any business that uses computers to store confidential company information should consider purchasing cyber insurance as well. As a general rule, the more information you store electronically, the greater your risk of experiencing a cyberattack. Businesses that hold sensitive customer or employee information should consider purchasing cyber insurance. If your business owns computers or other electronic devices such as phones and tablets, then you will likely need to purchase coverage for loss or damage to those items.
Best Cyber Insurance Company
The best cyber insurance company for your business will be one that offers a variety of coverage options and can provide you with the best possible coverage at an affordable price. The best policy is one that covers all of your business’s electronic devices, including phones and tablets, in addition to computers and servers. You should also look for policies that cover any data breach or loss that occurs as a result of hacking or other cyber-related activities.
Cybersafe Solutions offers a variety of cyber insurance options, including broad coverage and specific policy endorsements that provide additional protection for your business’s electronic devices, as you can read from this Cyber Solutions review. They can also help you determine the best coverage for your organization based on its size and needs.