The Necessity of Cyber Insurance
Technology makes doing business much easier. However, it also puts most businesses at risk of a cyber-attack. The rise in cybercrime threatens the financial viability of both small and large organizations alike. Every business and organization must protect itself against cyber threats. Cyber insurance, paired with a cyber security plan, is the best way to reduce the threat.
What is Cyber Insurance?
This type of coverage helps protect your business or organization from cyber-attacks. Statistically speaking, cyber-attacks aren’t that rare. Petschauer Insurance policyholders have tools and resources that help before and after a breach occurs.
Cyber Insurance Coverage
Some highlights of coverage include:
– Cyber response: insurance companies provide time-critical resources at the time of an attack, including forensics, negotiation, data recovery, legal counsel, and customer notification.
– Network Security liability: if a breach occurs, then a business or organization could face a lawsuit or liability claim. Cyber liability insurance covers the costs associated with such an event. The amount of coverage needed depends on the level of risk involved. For example, a bank would likely need more coverage than an advertising agency.
– Cybercrime: pays for losses due to cyber extortion and wire transfer fraud, to name a few.
– Business Interruption: pays for income loss associated with a shutdown in computer systems due to a cyber-attack.
Petschauer Insurance understands the complexity of cyber threats. We have solutions that protect your business assets. Contact Petschauer Insurance for more information about Cyber insurance.