Keeping your business safe doesn’t just mean insuring your physical property. These days, cyber insurance has become even more essential for all different types of businesses, as it protects them against threats they don’t even know are out there! Whether you consider yourself a cyber expert, or still can’t wrap your head around the ins and outs of the internet, keeping your business safe with cyber insurance is truly a no-brainer.
Let’s take a look at what cyber insurance is, what it covers, and many more details you need to know about this extremely important form of insurance.
What is cyber insurance?
Cyber insurance is one of the best forms of security that can protect you against cyber attacks and secure your company’s digital footprint. This type of policy can help protect your company against many different attacks and minimize the disruption caused by these incidents.
Additionally, cyber insurance can significantly reduce the costs in the aftermath of these attacks. Areas that are covered by cyber insurance include credit card payments, e-commerce, and cloud-based storage, among many others.
What does cyber insurance cover?
Cyber liability insurance covers cyber liability, crisis management, breach remediation, forensic investigation, ransom payments, business interruption, and system restoration. Common threats that are covered by cyber insurance at Marathon Insurance Group include the following:
Data breaches are characterized by exposing confidential and protected information to unauthorized persons. Cyber insurance can cover the costs of the remedial actions that need to be taken after this type of crime.
Our cyber insurance policies can cover damage, theft, or loss of hardware that contains propriety data.
DoS, known as denial of service, occurs when hackers flood businesses’ websites with overwhelming traffic. This makes it difficult or impossible for users to access your website. DoS protection can cover the costs of DoS attacks and the remedial costs and lost revenue caused by it.
Phishing is one of the most common online fraudulent actions when people misrepresent your company to receive money, personal information, and banking information. Cyber liability insurance can protect against phishing attacks and the resulting losses of this fraudulent activity.
Malware insurance can protect your business if harmful software takes control of your confidential data, monitors, and keystrokes.
Spoofing happens when cybercriminals hack into your network to access your company’s data, spread malware to take control, and bypass your cyber controls. Cyber liability insurance covers different types of spoofing, including email spoofing, DNS server spoofing, ARP spoofing, website spoofing, and IP spoofing.
Brute force attacks are attempts to decode encrypted data and shut down systems by intentionally repeated password attempts. Blocking you out of your server can expose you to additional attacks and cost your company time, money, and trust.
Ransomware is a serious cybercrime that most often happens to big organizations. Hackers can take control of your files and prevent you from gaining access to them. This forces companies to pay a ransom to access their confidential files again quickly.
What doesn’t cyber insurance cover?
Discuss your unique cybersecurity needs with your insurance provider before choosing a policy. Some things not covered by cyber insurance include financial damage due to the loss of intellectual property and economic damage due to the loss of a company’s reputation. This is why it’s incredibly important to have additional forms of network, infrastructure, and information security to prevent attacks from occurring in the first place. Unfortunately, cybercrime cannot always be prevented, which is where Marathon Insurance Group comes into play.
Who needs cyber insurance?
Any corporations, businesses, or organizations using technology can benefit greatly from cyber insurance. If you have a website or have electronic data stored on any device, you need to look into getting a good cyber insurance policy. In today’s digital age, the need for this type of insurance applies to almost every business.
Does the general liability policy cover cyber liability?
General liability policies don’t often cover cyber liability. General liability insurance policies for bodily injuries and property damage differ from cyber liability insurance policies.
How much does cyber insurance cost?
Cyber insurance costs will depend on your company’s specific needs. Factors such as the size of your business, annual revenue, business industry, type of data, and overall network security level can all impact your costs. You’ll need to get a quote from a trusted insurance company to determine the cost of your cyber insurance policy.
What do I need to apply for cyber insurance?
To apply for cyber security, you’ll need to assess your network’s security. This will ensure you get good coverage at the lowest costs possible. Insurance companies will need information on your current cybersecurity and any past attacks.
At the minimum, you’ll likely need phishing tests, multi-factor authentication, endpoint protection, next-gen firewalls, a strong password policy, managed software updates, and offsite backups.
Keep Your Business Safe
Whether you run a small business with only a few employees or have a wide range of employees working across the country, cyber insurance is extremely important to keep your professional assets protected. Doing research on the risks your business could be facing, and making sure you have the insurance coverage to protect yourself against them, is absolutely essential.
The insurance experts at our company are dedicated to protecting you and your business. Our team has extensive knowledge of all areas of commercial insurance, including cybersecurity. For additional information about the value of having a good cyber insurance policy, call Marathon Insurance Group at 844-429-0837 or contact us here.