It doesn’t matter what type of business you own or manage – anyone is susceptible to cyber-attacks. The team at First Associated Insurance can build a custom cyber solution, so you can rest easy knowing your business is protected from one of the most damaging losses imaginable.
Cyber Insurance Is Serious Business
Unfortunately, data breaches and other cybercrimes are becoming way too common. In the past couple of years, data breaches have resulted in major fines and legal fees – not to mention headaches – for a discount retail chain, one of the nation\’s largest banks, a well-known health insurer, an entertainment network, and the federal government.
But it’s not just large organizations that are susceptible to being hacked or getting a virus. Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?
Won’t My Current Insurance Cover Cyber Damages?
General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.
Most states require companies to notify customers of a data breach involving personally identifiable information, which is a process that can be very expensive, but at the same time the least of your worries should such a claim arise.
What Cyber Insurance Covers
These are just a few areas in which a cyber insurance policy will protect your business. Don’t know what some of these mean? All the more reason to talk to one of our cyber advisors.
Ransom Coverage
Social Engineering
Regulatory Fines
Cyber Extorsion
1st Party vs. 3rd Party