Did you know that 55 percent of small businesses have experienced a data breach? In fact, 53 percent of those small businesses experienced more than one. With the amount of exposed data increasing ten-fold over the last decade, the threat of a cyber security breach has reached an all-time high.
Data breaches not only expose your customers to financial risks, but they also cost a considerable amount of time and money, damaging employee morale and brand reputation in the process. Cyber security insurance is a smart investment – especially with a partner like Coronet at the helm. Now business of all sizes can protect their cloud information using the same advanced AI used by some of the world’s largest corporations.
What is Cyber Security Insurance and What Does It Cover?
Cyber insurance is quickly becoming standard among businesses that collect or store sensitive customer information such as social security numbers, health records, driver’s license numbers, and account information. Any company that accepts credit cards or other forms of digital payment will benefit from maintaining an active policy. Unlike other types of insurance such as car or homeowner’s, cyber insurance functions proactively to detect, mitigate, and prevent data exposure.
A typical cyber insurance policy covers:
- Legal fees and expenses
- Recovery of compromised data
- Repair of system failures
- Notification services to alert customers to a data breach (as mandated by the government)
- Loss protection, including credit monitoring and other costs of restoring customer identities
Sample Cyber Insurance Claims
- Dumpster divers – Improperly disposed of thumb drives expose the medical records of patients in violation of strict HIPAA rules.
- Rogue employee – Terminated employee steals data and sells it to someone who uses it to fraudulently obtain credit cards. Affected individuals then sue for identity theft.
- Exposed vulnerabilities – A software vendor negligently leaves admin defaults on the company server, allowing a hacker to exploit the vulnerability to gain private information of registered users and demand extortion.
- Phishing emails – An employee clicks on a link that contained malware, locking your data and holding it for ransom.
- Data recovery – A contractor bails midway through a project taking vital information to complete that project with them. Your insurance policy can help cover the cost of replacement, repair, and restoration.
- Ransomware, malware, Spyware and more…
With human error accounting for more than one-quarter of all data breaches, you can never be too careful or financially prepared to meet these challenges head-on. No matter how protected you think you are, cybersecurity insurance can help you cover all bases.
Cyber Security Insurance from Coronet
Coronet is an international company that includes cyber security insurance for small businesses, large corporations, and everything in between. We offer three different levels of data loss protection, depending on the amount of coverage and support you need. Contact Coronet to determine which plan is right for you.