Cyber Insurance

In today’s digital era, technology has made it easier for companies of all sizes to quickly grow their business, reach more customers and increase efficiency. But as technology has advanced, online attacks and cybercrimes have also increased at an alarming rate. Along with implementing robust cyber security measures, cyber insurance is a necessity for anyone doing business online.

Our increasing reliance on technology means that even minor cyber security breaches can spell major costs and interruptions for small businesses. Are you leaving your bottom line vulnerable? Find out how cyber insurance can protect your business and help you get back to work faster.

This includes expenses you must incur after a cyber attack, as well as legal fees and other associated costs if there are liability claims against your business.

While there’s no foolproof way to completely protect yourself against hackers and cybercriminals, with cyber insurance, you can rest assured knowing you’re prepared to respond in the event of a cyber attack.

Cyber insurance policies offer two types of coverages:

• First-party. Covers the costs to help your business recover from a data breach and other cybercrimes. For example, first-party coverage can help pay to investigate a data breach and notify your customers.
• Third-party. Provides a legal defense and covers other expenses related to liability claims. For instance, if a customer sues your business because their personal information is exposed after a cyber event.

First-party coverage

• Breach costs. Covers costs to respond to a security breach, including investigation, notifying those affected, and offering support and credit monitoring services.
• System failure. If your data is stolen or damaged in a computer system failure, cyber insurance could help cover the expenses needed to recreate or recover the data.
• Cyber extortion. Covers payment and expenses if a hacker is threatening to destroy or release confidential data unless a ransom is paid.
• Reputation repair. Provides marketing experts to help repair your public image and cover financial losses due to damaging media reports.
• Cybercrimes. If a cybercriminal fraudulently gets your business’s financial information and you lose money, cyber insurance could help cover the cost of the theft loss.

Third-party coverage

• Multimedia liability. Provides protection against third-party claims of advertising injuries like defamation, copyright infringement and invasion of privacy.
• Privacy liability. If your business is sued after a privacy breach, cyber insurance coverage can provide a legal defense for your business and help to cover any settlement or damages.
• Fines and penalties. Covers fines or penalties from regulatory agencies for failing to meet data security standards.

Some insurance companies will let you choose if you just want first-party coverage, or both first- and third-party coverage. Don’t know how to choose? You don’t have to. Cyber insurance through Thimble includes both.

Not only that, you can get access to proactive risk management services, which provide content and resources surrounding data security, so your business can stop a cyber-attack before it happens. Additionally, your business would have access to a cyber threat vendor that can create a customized cyber risk platform. 

Learn more about cyber insurance coverage.