B2Z Offers Cyber Insurance
Cyber insurance is an optional coverage designed to help small businesses pay for losses associated with data breaches, malicious hacking, ransomware, and cyberattacks. Following a cyber event, a small business may be responsible for making customer notifications and offering fraud monitoring costs, as well as legal fees and system damage repairs. Cyber coverage can assist with those related costs. Do you need this coverage for your small business? What does Cyber insurance typically cover or not cover? We’ve done the research for you below.
What You Need to Know About Cyber Insurance
- QWhat is Cyber Insurance?A
Cyber insurance typically covers costs associated with a data breach, system hacking, or other malicious attacks on the business network. Such cyber events may put customer and business data at risk; and the costs to contain the damage and repair the systems, as well as resulting customer notification and fraud monitoring, may be prohibitive for a small business.
- QWhy do I need Cyber Insurance for my small business?A
On average, the cost of a data breach for a small business is between $36,000 and $50,000. However, a business that experiences a cyber attack could pay upwards of $200,000—and some cyber event costs reach into the millions of dollars. The costs related to containing and repairing the system damages, coupled with the costs to communicate and address customer fraud and damage claims, can be crippling to a small business. Securing coverage for cyber attacks can help small businesses cover the resulting costs in terms of liability and damages.
- QHow does Cyber Insurance work?A
After you secure your cyber insurance coverage, you pay a monthly or annual premium based on your chosen annual limit and business details. Your policy documents are the legal contract between your small business and the insurance company. While your policy is in force, the insurance company agrees to pay claims and associated expenses stipulated by the policy.
- QWhat does a Cyber Insurance policy typically cover?A
Typically, cyber insurance covers losses and liabilities related to cyber attacks, including customer communication and fraud monitoring, and damages to your computer systems and data.