Cyber insurance is an antivirus service in terms of business, it is created to protect organizations and businesses that are related to the internet, information technology or computer from problems that are attached to computers.
Cyber insurance is a network security provider that saves companies that are into the computer from computer risks and all attacks caused by cyber-attack. And helped businesses to cover their financial losses due to cyber events and incidents.
Check Out: How to Choose the Best Travel Insurance
Cyber Insurance
Cyber insurance policies can cover your business from data breaches. It also helps to reduce the risk of cyber incidents in your company. Cyber insurance will be there to cover businesses from this cyber-attack such as data destruction, business interruption, network security, extortion, forensic investigation etc.
Every business owner that deals with the internet and keeps information of clients on a website is expected to be associated with cyber security. Cyber security will help you to manage your data and keep your data and your business safe from cybercriminals.
Cyber insurance policies will provide cyberattacks that are caused by the following; losses like, extortion, hacking, data destruction, theft. Denial of service attack; failure to safeguard data, errors and omission, defamation. criminal’s reward funds, investigating expenses, post-incident public relations.
Types of Cyber Insurance
Below are some common types of cyber insurance;
Forensic investigation
These forensic teams are those that use technical and legal services to search for cyber criminals’ attacks. They will know when the cyber event took place. company will pay these, for their businesses to be safe.
Data restoration
Data that went lost due to the failure of the system and security failure will be restored. And damaged hardware and software will be repaired, there will be cost to pay to those that repair and replace those damaged computers.
Theft and Fraud
It protects against the loss of companies’ data that went lost due to fraud transfer and another cyber-attack event.
Network Security
Protects your business from hacking attacks and cyber-attacks.
Business Interruption
It helps policyholders to recover from their lost income due to misconduct of business.
Reputation Insurance
Fights against cyber defamation and reputation attacks.
Extortion
It helps to restore all the payments that you have paid to cybercriminals that threaten to disclose or obtain important information.
Best Cyber Insurance | Cyber Insurance Company
In this technology level of life, many businesses are attached to computers. Many business owners deal with data, internet networking, for them to be free from cyber-attacks which made a lot of organizations face data breaches, hacking threats and shortages in their businesses.
The best cyber insurance policies business owners need to protect their business from loss and recover all their losses. We have some best cyber insurance policies that you need to conquer all these cyber-attacks and you don’t be their victim.
Below are some of the best cyber insurances.
Travelers
It was founded in 1864 and another company it has merged with, St. Paul, paid its first insurance claim in 1855. Since then, it has become one of the largest insurance companies in the United States, with over 30,000 employees and $110 billion in total assets
This platform has several cyber insurance solutions for businesses of all sizes, from small, local businesses to Fortune 500 companies. The most affordable option for small business retailers is the CyberFirst Essentials plan. Under this plan, you’re covered for the following expenses:
CyberPolicy
It was Launched in 2016, it isn’t a direct insurer. Instead, it’s an online shopping platform. Customers can fill out a form and submit their information. They’ll get quotes back from multiple insurance companies, allowing them to compare coverages and pricing so they can pick the best policies for their needs and budgets.
AmTrust Financial
This cyber insurance was founded in 1998 and is now a global company with over 5,000 employees serving 60 countries. It offers a comprehensive range of business insurance products, including business owner policies, workers’ compensation, state disability, and speciality programs.
The Doctors Company
This cyber insurance provides cyber liability insurance with limits ranging from $1 million to $5 million. Available only to members of The Doctors Company, CyberGuard Plus increases the limits you have on your medical liability policy for added protection.
The Doctors Company is the largest physician-owned medical malpractice insurer in the country, with 80,000 members and over $6 billion in assets. AM Best assigned the company an “A” rating.
The Hartford Steam Boiler Inspection and Insurance Company
HSB (Hartford Steam Boiler Inspection and Insurance Company) was founded in 1866 and now focuses on speciality insurance and reinsurance coverage, including data and cyber risk, employment practices liability, contractors errors and omissions, and identity theft insurance.
This platform offers Cyber Suite protection for small to mid-sized businesses, including law firms. There is a wide range of limited options, making it a good choice for solo attorneys or small firms. It also offers limits from $50,000 to $1 million, so you can choose a limit that meets your law firm’s needs.
What are the types of cyber insurance?
Cyber insurance is designed to protect against internet-based risks. There are different types of coverage, including first-party coverage for damages and losses, third-party coverage for legal costs and damages incurred by third-party entities, network security liability coverage, privacy liability coverage, cyber extortion coverage, and media liability coverage. The specifics of each policy can vary.
So it’s important to read and understand the terms and conditions of your cyber insurance policy.
