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
  • Extortion
  • 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.

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About Dale Williams

Dale Q. Williams, MBA, is a well-respected financial executive whose experience spans from insurance to investment banking. Dale has first hand underwriting experience through working for one of the largest U.S. based insurance carriers, and advisory experience from working for several bulge-bracket and middle-market investment banks. Dale also received his MBA from University of Chicago Booth School of Business, with concentrations in finance and accounting.