Who needs Cyber Insurance?

Cyber insurance, despite its reputation of only being required for large tech companies & highly exposed industries with lots of data, is important for all businesses, regardless of industry or size today. Cyber is no longer an optional add-on but a key component in a well-insured & protected company.

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Cyber Insurance

Everyone needs cyber insurance:

  • 1 in 3 data breach incidents happen to businesses with less than 100 employees
  • 60% of small businesses will close within 6 months of a cyber-attack or data breach
  • The average cost for each client record exposed or compromised is $217* ‍

‍*Travelers Insurance

If you have any of these exposures, cyber insurance can protect you:

  • Company website
  • Company email addresses
  • Company phones, computers, tablets
  • Accepts payment via credit card
  • Online advertisements
  • Contracts are sent via email
  • Info is stored in the cloud or on a server
  • You collect any client information including but not limited to: name, email, phone number, address, payment information, date of birth, etc.

What a Cyber policy can do for you:

  • Connect you to a team of experienced specialists to mitigate the consequences of a data breach
  • Cover associated costs after security breach from phishing emails
  • Make financially whole if an employee/third party steals money by siphoning from accounts or altering invoices
  • Cover costs of new hardware if a virus/bug corrupts the software, breaking it
  • Reimburse lost revenue if you or a vendor’s business is interrupted
  • Make whole after credit card fines, processing failures, or exposures
  • Pay the ransom if your system or information is hacked and held for compensation
  • Reimburse lost revenue from your or a vendor’s accidental failure or destruction of an essential system
  • Cover losses arising from issues with making/distributing materials advertising your services
  • Replace lost income due to reputational harm caused by a system failure
  • Terms of coverage and conditions/exclusions are governed by the particular policy purchased

Download the 

Cyber Insurance

 info sheet here

Download info sheet

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Products and services are provided through various nonadmitted insurers and are offered by and through a licensed surplus lines broker. Not all products and services may be available in all jurisdictions, and the coverage provided by any insurer is subject to the actual terms and conditions of the policy issued. Nonadmitted insurance carriers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.