Cyber Insurance – Real World Protection for the Virtual World
Cyber crime and security breaches are a constant in the news today. Just recently, the Federal Trade Commission released a warning that a scammers were impersonating professionals from the National Institute of Health and offering business grants of $14,000 in order to elicit personal and company information that could allow for a security breach. Hyper-vigilance in the area of cyber security is becoming a standard best practice for companies that understand the value of keeping their corporate data and their customer’s data secure and uncompromised. Cyber insurance, then, becomes an important part of a company tool kit when approaching cyber security and cyber data breaches.
What Does Cyber Security Insurance Cover
Cyber security insurance protects a company from liabilities which arise from a breach in cyber security. This includes financial losses incurred from damage to company data or company image due to the security breach, liability from lawsuits brought by customers whose data was compromised, and financial remuneration for the replacement of hardware and software damaged during the security breach. Some cyber insurance policy coverages also include reimbursement for public relations and marketing expenses specifically arising from image repair efforts due to a cyber security breach.
Complexities of Cyber Security Insurance
Cyber security insurance is a complex insurance product and one that requires an appropriate level of evaluation of company assets and current security measures when determining the right policy and coverage options. Additionally, cyber security insurance is a very cost effective option for protecting your company and client data, and understanding the financial benefits of cyber security insurance can give you great guidance into whether a cyber security insurance policy is right for you.
To learn more about cyber security insurance, the coverage options available with various policies, and their specific protection and financial benefits to you, call us at 714-258-2800 or 888-725-7776 for a free no obligation analysis and quote.