Investigation
Notification to clients/customers
Identity recovery for clients/customers
Restoration of compromised data
Downtime
Cyber liability insurance can keep you from losing your business in the event of a breach. But does your business need it? If your business handles sensitive information, it’s worth giving it serious consideration, because compliance violations can cost millions.
Where do you begin?
Start with your existing insurance policy. Review it with your agent. Ask what the policy would cover in the event of a security breach. Your existing errors and omissions plan might actually offer better coverage than any cyber-specific policy you might find.
If it becomes necessary to purchase separate coverage, keep in mind that cyber liability insurance is a newer field, so you may have to do some looking around to find protection you need that fits your budget. Be willing to put in some legwork.
However, even with robust insurance coverage, it’s still important to take steps to protect your data, your business and its reputation. Get educated in threats
such as:
Spoofing
Spear-phishing
Ransomware
And share what you learn with your team members. They’re working on the frontlines of your business, and often they’re the ones whose ignorance will leave you vulnerable. Keep everyone on your team cyber-savvy.