In today’s ever-evolving digital world, the risk to your data security and privacy grows. When a cyber-attack happens, it can take weeks or months to recover, impacting your business operations and bottom line tremendously. Cyber insurance is one of the best ways to protect your business from the financial hardships caused by cyber-attacks.

Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues.

When it comes to cyber insurance there are several ways a business could look to get coverage. They could consider adding it to their business owners insurance package, adding it to a general liability policy, or they could look into a standalone cyber insurance policy.

A standalone cyber insurance policy offers coverage for both expenses and liabilities related to a covered cyber incident. This can include protection against lawsuits filed as a result of security breaches and allegations of failure to protect sensitive information. It can also include costs associated with property exposures such as business interruption, data loss/destruction, and fund transfer loss.

A separate standalone cyber insurance policy offers several benefits including:

  • Broadened coverages
  • Less risk of price increases to your BOP or Liability coverage in the event of a cyber attack
  • Dedicated financial protection for the various costs related to a cyber incident such as recovery, legal fees, data restoration, and notification costs to affected individuals
  • Support for vulnerable small businesses that may be point-of-entry targets into the large organizations they are affiliated with
  • Ensured business continuity after an incident through coverage for lost revenue and reputational harm due to interruption
  • Competitive advantage over industry peers – having a cyber insurance policy demonstrates proactive cybersecurity measures taken to protect company assets

For more information on the differences between a standalone versus packaged cyber liability insurance policy from our friends at Cowbell Cyber, click here.

With the ever-evolving digital space and increasing risks of cyber-attacks, it is important to have the right insurance coverage in place. The standard add on cyber coverage is often not enough for today’s risks.

Give us a call at 844-GANNONS or email us at learnmore@gannonassociates.com to learn more and get the conversation started today!