Businesses are constantly finding new and creative ways to integrate more technologies into their products and service in an effort to better serve their clients. However, this also increases the potential risk of a cyber attack. Cyber Insurance is one way to help mitigate that risk.
Cyber Insurance can help pay for several different expenses that can arise from a cyber attack. These attacks can end up costing a business hundreds or thousands of dollars in damages, and can shut down operations for extended periods of time. Without some type of Cyber Insurance the business can be responsible for all of these costs, and can put some companies completely out of business almost overnight.
Platinum Insurance Group can help find you a Cyber Insurance policy that fits your company’s needs. We have cyber protection packages that can cover you for a myriad of different damages, such as:
Security Breach Expense
Expenses such as investigation & forensic services, notifying customers, call center services, overtime salaries, credit monitoring for affected customers, and more.
Security Breach Liability
Third party liability that your company becomes legally obligated to pay. This would include defense expenses, compensatory damages, settlements, fines, or penalties by a government entity.
Costs associated with replacing or restoring electronic data or computer programs lost due to a cyber attack. This can also include the cost of computer consultation services to restore lost data, data entry, and reprogramming.
Can cover approved firms and resources used to determine the validity and severity of a threat, interest costs associated with borrowing for the ransom demand, reward payment that leads to conviction and arrest of responsible party, as well as the ransom payment and other reasonable expenses.
Public Relations Expense
Costs for a public relations or consulting firm, crisis management firm hire to limit or prevent negative publicity cause by a cyber attack.
Fraudulent Transfer Fraud
Losses caused by a fraudulent computer operation that transfers money from a business’s account, including fraudulent instructions directing a financial institution to debit money from an insured’s account.
Business Income & Extra Expense
Losses and costs incurred from not being able to conduct business as usual, due to a cyber incident. An example of this cost would be net income that would have been earned.
Damages caused due to an insured being intentionally misled, with instructions from a trusted email by an imposter, to transfer money to another account.
Replacement of computers, devices, or equipment that no longer works as intended due to corrupted or destroyed software or firmware, caused by a cyber attack.
Website Media Liability
Damages from intellectual property infringement related to company website or social media account content.
These are just a few of the damages and costs that a cyber insurance policy can protect you against. Each cyber policy can include or exclude any of these types of coverages, so having a protection specialist helping you look for the right policy can make all the difference. Here at Platinum Insurance Group, we get to know your business in depth so that we can better assist you in getting a cyber policy that’s right for you.