Be 100% covered with Cybersecurity Insurance | OmniTechPro
Posted by Jeremy Heslop

Be 100% covered with Cybersecurity Insurance

02 April 2021

Get the right coverage for your business.

No one wants to talk about insurance but as a business, we need to know our options. Cybersecurity Insurance is one of those critical options to consider.

We are all familiar with needing insurance in our lives. Insurance is something that protects against the inevitable. Whether it is your car or your house we know insurance will be there in case the unthinkable happens. Business owners need to think about protection against every possibility. Most businesses will have general liability and maybe professional services insurance and still will forget about one of the largest assets that they see in front of them every day, their customer data.

Standard business liability insurance will cover items related to things like theft, damaged property, and natural disasters. Yet, if there is a digital incident, this will typically not be covered. A cybersecurity Insurance policy will cover anything digital such as data breaches, ransomware, and your business is down because of one of these.

A few benefits of most cybersecurity insurance plans are:

  • Data breach coverage
  • Business interruption loss reimbursement
  • Cyber Extortion Defense
  • Forensic Support
  • Legal Support
  • Coverage beyond a general liability policy

When a company suffers an attack on its IT systems, it can bring operations to a screeching halt. If the attack reaches the company's clients, they will often need coverage at the company's expense. This on top of the company trying to recover its own systems. Having cybersecurity insurance can help cover the costs and get your business back on track.

After a cyber-attack, the company will need to investigate the incident to determine the breach's extent. The company can conduct this investigation. They can also appoint a third-party service through the insurance agreement. Forensic investigations can be included in the coverage of a cybersecurity insurance plan.

Consider your company and its assets. Your business needs to think about cyber insurance.

Cybercrime has been estimated to cost the global economy over 400 billion annually.

The truth is that in today's business risk environment, cyber incidents are exponentially rising. As such, so are insurance premiums to cover these events. "Cybercrime has been estimated to cost the global economy over 400 billion annually", according to an article from Infosec. With this rise in cybercrime and sophistication, businesses need a cybersecurity insurance policy. Consult with the experts to get cybersecurity insurance today. If you want a local referral contact our office. Don't wait until it's too late!

 

For questions on this and other security concerns, feel free to contact us for more information.

 

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