What is Cyber Insurance?
When you run a small business, you face many physical risks, like property damage and injuries. But your business also faces risks that come from using technology. These include everything from data breaches to hacking. To protect against those risks, many businesses add cyber insurance to their business insurance policies. Cyber insurance can offer broad coverages to help protect businesses from various technology-related risks. Cyber can be added on to your existing BOP policy, or purchased as a separate policy.
How much does Cyber Insurance cost?
Different factors can impact your business insurance cost. So, your cyber insurance costs will likely be different than another business’. Your data breach or cyber liability cost can depend on your:
Number of customers, clients or patients
Type of sensitive data and information you store
What does Cyber Insurance Cover?
Every company faces cyber risk, no matter their size, but the bigger you are, the more areas of vulnerability you have.
The most prominent cyber risks are privacy risk, security risk, operational risk, and service risk. Generally, cyber insurance is designed to protect your company from Network security risks, data breaches, business interruption, ransom payments, media liability, and errors and ommissions.
Want to learn more about Cyber Insurance?
Click the images below to check out our blogs on Cyber Insurance:
Cyber Insurance: (Just Phishing)
Not my business: How Cyber insurance can protect your assets