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.
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:
Cyber liability insurance provides critical response during a cyber-attack. If your security has been compromised, you will need money right away to cover the tremendous expense of computer forensics, crisis management, and public relations support. All affected customers will require prompt notification. You will need data recovery services to replace, restore, and repair your systems so you can continue doing business.
In the months ahead, you will need to compensate for any productivity losses related to the security threat, and in the worst cases- deal with losses due to theft. There may be legal claims filed against you, which you will need to defend. In the aftermath of the attack, you will need to bolster your defenses for continuing maintenance of your security. These costs can be staggering.
The following are several examples of the types of claims covered under cyber liability insurance:
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.
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.