Every company collects some type of data on customers, vendors, employees, and stakeholders. Whether you’re collecting customer emails on your website or sensitive employee information, a cyber policy will help cover the costs your company incurs in the event of a cyber breach or attack against your business.
Most startups and companies today can benefit from cyber insurance, especially if you handle information about customers, vendors, or employees. Cyber attacks are increasing every year, and the costs in the event of a breach can be significant to your business. Here are a few questions you can ask yourself to determine if you need cyber coverage:
If you’ve answered yes to any of these, speak to a Britely Specialist to help you find coverage that fits your needs.
If personal data at your company is stolen or exposed, a cyber policy can help cover costs associated with identifying who was affected and notifying them, as well as covering the costs of lawsuits that stem from cyber breaches. In the case of sensitive information like credit cards or social security numbers being exposed, a cyber policy can help pay for forensic analysis to determine the reasons for the breach, and also pay for credit monitoring for people affected by the breach.
Cyber policies don’t cover losses in the event your business’s intellectual property is stolen, and the policy won’t cover the costs to improve your systems and security processes after a breach happens. The policy also generally does not cover attacks that are considered ‘social engineering’ breaches, where attackers manipulate an employee through various tactics to extract sensitive information or funds. To learn more about cyber coverage, get in touch with a Britely Specialist to help you find the best policy for your business.
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