Cybercrimes are on the rise in the business world. These crimes are not limited to big corporations and happen every day to all kinds of businesses. At Staples & Associates, we know how important it is to stay up-to-date on all the ways to protect your business. With cybercrimes becoming more and more frequent, now is the perfect time to learn about cyber insurance and add it to your commercial insurance policy. Connect with one of our expert agents for more information and a same-day quote!
What is Cyber Insurance?
Cyber insurance is an addition to your business’s commercial insurance policy that covers the business’ liability for data breaches and other cyber crimes. There are many ways that you can protect yourself from an attack. Detailed reports about your company’s risk and ways to lower it can be costly to pay out of pocket but the cost is significantly different if you have a cyber insurance policy in place.
What Does Cyber Insurance Cover?
Direct costs from an attack can include a variety of legal fees and expenses. Loss of company time, reputation coverage, costs from paid ransoms, regulatory fines, damaged technology, notifying customers of a data breach, recovering compromised data, and more, are covered as well.
Third parties may have also been impacted by the cybercrime on your business. Besides the expensive act of having to notify customers of a data breach, they can also place claims of their own. Another third-party claim that is covered is negative media attention considered slander or libel.