Cyber Liability Insurance
Cyber Liability Insurance Information
Cybercrime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies.
If your business uses computers for any function, from paying bills to storing customer personal or financial information, you are vulnerable to a cyberattack.
Small businesses are especially vulnerable because they often don’t have the sophisticated cyber protection systems that large companies do.
A cyberattack can be:
- A data breach and theft exposing your customers’ personal or financial information
- A system hack that prevents you from operating your business
- Or ransomware extortion, where a computer assailant demands money to give you back access to your files.
Cyberattacks Can Be Expensive, But Small Business Cyber Insurance Isn’t
A cyberattack can prevent your business from managing customer orders, completing projects, lead to regulatory fines, or leave you responsible for financial losses to your customers.
At KJE Insurance Services, our agents want to learn about your business operation, so we can advise what coverage is best suited to protect your company.
Cyber insurance can cover recovery costs, including business interruption costs, ransomware protection, plus support to prevent attacks from happening. Most General Liability policies do not include cyber insurance coverage.
Coverage options can include notification of your customers in the event their identity is compromised and repairing damaged computer systems. If a cyberattack result in a lawsuit against you, your coverage can include attorney and court costs, settlements and court judgments, and fines.
The type of cyber insurance you need depends on your industry, the number of customers you have, regulatory requirements, and how your business is computerized to conduct business.
Based on your risks and needs, the agents at KJE Insurance Services will advise you what coverage is the best fit to protect your business. Contact us today for a cyber liability insurance quote.
- According to Verizon's 2020 Data Breach Investigations Report, 43 percent of cyberattacks target small businesses.
- According to J.D. Power, 91% of small businesses with 50 employees or less do not have cyber liability insurance coverage.
- 60% of small businesses go out of business within six months after a cyberattack.