Cyber Security Insurance for Small Business
Cyber Security Insurance
Cyber security insurance (also knows as cyber liability insurance), is designed to protect small businesses against many kinds of cyber attacks, including business interruptions, data breaches, cyber crimes, etc.
What Does Cyber Liability Insurance Cover?
Many cyber liability policies provide both first- and third-party coverage. First-party coverage pertains to a firm’s direct losses. Third-party coverage applies to lawsuits against the company for not safeguarding an individual’s data.
Overall, cyber insurance can cover funds you lose due to a breach, including:
- Lost sales due to business interruption
- Data restoration
- Crisis management
- Customer notification
- Fines, penalties and lawsuits
- Incident investigation
- Reputation/crisis management
Why Your Small Business Needs It?
In recent years, cyber security issues have resulted in major fines and legal fees. 55% of small businesses have experienced a data breach and of that 53% have had multiple breaches, making cyber insurance a priority coverage for small businesses.
As a small business owner, a cyber insurance policy can cover legal fees, lost income and many other costs caused by cyber crimes, giving you peace of mind and help in running your business smoothly.
If you need cyber security insurance quotes to compare, or more cyber insurance related information, please go to EINSURANCE.com.