Getting the right cyber security coverage is an essential part of keeping your business on the right track. With numerous ways to be exposed to cyberattacks, businesses of all sizes should think about their cybercoverage, and if they’re getting what they need from their policy.

1. Know that your business needs cyber security insurance. Just because risks may not be obvious, does not mean that your business does not require coverage. If your business stores any personal identifiable information, uses email, or allows credit card payments, you are at risk of a cyberattack.
2. Prior to applying for cyber security insurance, help us gather as much information as possible. This way, you will get the most accurate quotes on rates and coverage limits that suit your business.
3. Know the essentials for your policy. There are certain aspects of a policy that almost every business requires, such as business interruption, or loss of digital assets. These are the backbone of your policy.
4. Understand the difference between first-party cyber security insurance (i.e., covers your business) and third-party cyber liability insurance (i.e., covers legal liability for losses to any outside entity, such as your clients). You should only be paying for coverage that you need. So, if you do not store your client’s personal information, you may not need third-party liability coverage.
5. Be proactive about cyberattacks. There are plenty of ways to do this, like using antivirus software; backing up important information; securing your Wi-Fi networks; regularly changing passwords; and training employees in cybersecurity. Although the risk of a cyberattack still may exist, you can reduce the chances of it significantly.

Cybersecurity insurance coverage is a good investment for any business. With how much we rely on technology today, the risk for businesses to be caught without cybersecurity coverage is far too great. Call us today to discuss your business’s cybersecurity needs.