Cyber Liability Insurance

Cyber Insurance in Atlanta, GA

In the digital era, businesses of all sizes and across all sectors have integrated technological and online solutions into their daily operations. Amid this trend, organizations must account for the rising threat of data breaches and cyber incidents. Fortunately, a well-rounded cyber insurance policy can provide versatile and stout financial security.

What Is Cyber Insurance?

Also known as cyber liability insurance, cyber security insurance and cyber protection insurance, these policies can provide multifaceted coverage for various losses and expenses arising from cyber incidents. Like many types of insurance, a cyber insurance policy establishes an agreement between a company and its insurer. In the wake of a cyber incident, policyholders can file a claim that may garner crucial financial assistance.

What Does Cyber Insurance Cover?

Cyber insurance can provide financial aid for many costs and losses related to cyber incidents, such as the following:

• Incident investigation expenses
• Costs for hiring help (e.g., public relations firms and IT contractors)
• Business interruption losses
• Cyberextortion payments
• Legal costs (e.g., attorney fees, settlements and judgments)

Who Should Get Cyber Insurance?

As workplaces have become more dependent on technology, cyber insurance has become an advisable component of many organizations’ loss control measures. Furthermore, as dependence on digital solutions has increased, cybercriminals have increased their activity and adapted their attack methods, often targeting small- and medium-sized companies. With these conditions in mind, all organizations that work with sensitive information, including health records, banking information and social security numbers, should strongly prioritize getting cyber insurance.

Is Cyber Protection Insurance Worth it?

Like many insurance products, cyber insurance represents a potentially critical investment in an organization’s financial security. Regardless of a business’s commitment to cybersecurity and data protection, cyber incidents may inevitably have an impact, and lacking appropriate coverage could lead to catastrophic out-of-pocket losses.

What Is the Most Common Cyber Insurance Claim?

Cyber insurance claims can arise from many potential incidents, including phishing schemes, ransomware attacks, social engineering and distributed denial-of-service attacks. Studies have shown that ransomware attacks in particular have risen in frequency in recent years. In these situations, cybercriminals may infiltrate a company’s systems or networks and hold data hostage until their demands are met. They may also threaten to release private or sensitive information. Fortunately, cyber insurance can provide financial assistance for these difficult situations.

Get the Right Coverage

Contact The Insurance Lab today to learn more about cyber coverage. Our dedicated team will work with you to help find customized solutions, such as cyber security insurance for small businesses, and ensure you have appropriate financial protection while optimizing your cyber security insurance cost.