B2Z's Cyber Insurance is designed for your small business! The threat of cyber attacks is real. Ransomware alone could have you paying an average of over $245,000 per event. B2Z makes it easy to get cyber insurance coverage to help protect your small business. Learn more below!
B2Z Offers Cyber Insurance
What Is Cyber Insurance?
Cyber insurance is an optional coverage designed to help small businesses pay for losses associated with data breaches, malicious system hacking, ransomware, and other cyber attacks on the business network. Such cyber events may put your customer and business data at risk. The costs to contain the damage and repair the systems and resulting customer notification and fraud monitoring may be prohibitive for a small business. That's where cyber insurance can assist you.
Why Do I Need Cyber Insurance for My Small Business?
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 millions of dollars. The expenses 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 cyberattacks can help small businesses cover the resulting costs in terms of liability and damages.
Here are a few more reasons to consider Cyber Insurance insurance for your small business. These statistics show small businesses are at risk for cyberattacks, breaches, or other malicious hacking events:
Cyber Attacks. 88% of small business owners felt their business was vulnerable to a cyber attack. It could cost anywhere from $200,000 to $7.68 million per incident to resolve such attacks, forcing many small businesses to close.
System & Data Breaches. 63% of small businesses reported experiencing a data breach within 12 months. 83% of all data breaches are financially motivated.
Ransom & Extortion. 43% of small businesses have identified as being the target of a ransomware attack. The average ransom requested by threat actors is between $10,000 and $50,000, with remediation averaging over $245,000.
Phishing Threats. More than 30% of small businesses are targeted by phishing scams and can cause upwards of 16 hours of downtime.
Forensic & Legal. Forensic investigations, including a vulnerability assessment, can cost on average between $10,000 and $30,000 and may involve additional lawsuits if you are found to have violated a regulation.
We could talk about Cyber Insurance all day...
We really want you to understand Cyber Insurance coverage because it is essential to most small businesses today! Does your small business collect customer information? Everything from protected personal information (PPI) to credit card and payment information can be put at risk by a cyber attack. Data breaches don’t just impact your business; they impact your customers too. Cyber insurance coverage is designed to help with the costly aftermath of a data breach, ransomware, or other cyber attacks.
Cyber Insurance Typically Covers:
- Restoring and recreating lost data
- Restoring a computer system to its pre-attack status
- Lost business and extra expenses related to cyber attacks
- Professional PR firm services to communicate your response to cyber attacks and data compromises
- Forensic IT services to investigate potential data breaches
- Notification services that identify and notify potential victims
- Personal services for those affected
- Most related legal review and defense costs
This seems almost too good to be true, right? There must be a catch... And, here’s a sampling of what’s not covered:
Cyber Insurance Typically Excludes:
- Loss from acts of war, terrorism, invasion, nuclear events, or insurrection
- Failure due to an electrical power supply network or internet service provider
- Costs to research and correct any system deficiencies, including upgrades
- Criminal investigations or proceedings
- Reckless disregard for your computer system or data security
- Any knowing violation of the law by yourself
- Any cyber attack occurring before the coverage term
- Identity theft not report to the police
Cyber Insurance Frequently Asked Questions
After securing 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.
No, only Cyber Insurance provides the expert resources and critical coverage you need to confront the financial, operational, and reputational damage a cyber-attack can inflict.
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.
What is covered by this coverage will be fully detailed in the policy documentation.
Cyber insurance does not typically provide coverage for attacks related to a nuclear event, war, or criminal investigations or proceedings. It doesn't cover loss from power outages or internet provider interruptions. The cost to research or correct any deficiencies is not covered, including any upgrades you decide to make to your system after the cyber attack to prevent future attacks. Any knowing violation of the law by you is not covered. Any act occurring before the coverage term is also not covered.
What is excluded by this coverage will be fully detailed in the policy documentation.
Cyber Insurance is not required by law. It is an optional type of coverage.