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Cyber Insurance – What You Need to Know

If your company handles, transmits, or stores sensitive data, cyber insurance is critical in today’s digitized world, where cybercrime constantly increases.

Your business could be devastated by a single cybersecurity incident. Cyber insurance protects you from monetary losses from data breaches, cybertheft, and ransomware, helping you recover quickly and keep your business thriving.

Types of cyber insurance and coverage

Cybertheft insurance

Conducting business in today’s market often requires storing sensitive data online, making your organization a target of cybertheft. Cybertheft insurance protects you from financial losses caused by various theft scenarios, including first-party cybertheft, embezzlement scams, payroll redirection, and gift card scams.

Cyber liability insurance

The financial ramifications of a cybersecurity breach can be more severe than your business can handle. Cyber liability insurance includes third-party coverage for damages and losses, data breaches, regulatory penalties, credit monitoring, and lawsuits.

Cyber extortion/ransomware insurance

When it comes to extortion and ransomware, an attack could still succeed even with all the right cybersecurity solutions to protect your business. Cyber extortion insurance can help cover the cost of ransom payments, recovery expenses, business interruptions, and more and provide access to a team of experts who can help with cyber extortion negotiations and forensics.

Ensuring your success

Cyber insurance is a complicated and ever-changing industry. Sydow Inc. can help you better understand your options, navigate compliance with your insurance policies, ensure adequate security, and increase your chances of receiving complete coverage.

Contact us today to schedule a consultation. Our knowledge and experience will empower you to handle cyber threats and security concerns.

Click here to download “Cyber Insurance and Why Your Business Needs Coverage.”

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