Businesses now days use the Internet daily. They reach, communicate and complete transactions with their customers online. The online world is part of everyone’s norm. So why not have a risk management plan with cyber insurance?
There are many plans to help cover the cost related to first parties, but there are also other plans that include claims from third parties. Cyber insurance helps organizations bounce back if they fall victim to a cyber attack. As technology continues to advance so does cyber insurance.
Here are the most common cyber insurance compensated expenses:
Extortion and lawsuits– Ransomware is becoming a popular extortion strategy hackers use on companies. Cyber insurance can help cover the extortion cost and any legal expenses associated with your case.
Forensics Investigation– To help better protect your information, your policy could cover the cost of hiring a third-party security firm to begin an investigation. The firm could also work with the FBI to find out how your information became breached, how to prevent it and how to repair the damage. This information will help you and your insurance carrier.
Notifications- In some jurisdictions, it is mandated for companies to pay for credit monitoring for clients whose information could have been or was breached. If you have clients whose information was affected, a cyber insurance policy could cover the cost of credit monitoring for those clients.
Losses- Certain policies help cover monetary loss due to network downtime, data loss recovery and business interruption. Some policies even cover reputation repair and much more.
If you have any questions about cyber insurance give us a call at 405-602-1554.