All organizations that depend on technology for communication, payments, and data storage should consider Cyber Insurance. But cyber policies can vary widely in coverage and price.
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What is Cyber Insurance?
Cyber Insurance protects an organization from exposures related to its use of technology and data and typically responds to data breaches, ransomware, and deceptive funds theft incidents. Covered costs include security and legal incident response, systems restoration, business interruption, customer notification, and even ransom payment. Cyber Insurance policies vary widely, and many come packaged with valuable risk management and incident response services.
The Cyber Insurance market expanded quickly in the early 2000s in response to an increase in significant data breaches. Cyber exposures continue to evolve rapidly as hackers create new ways to access confidential information and to attack critical systems and data, and leading underwriters are continually responding with new coverages.
Cyber Insurance policies vary widely, from comprehensive coverage to those policies providing limited coverage. eSpecialty Insurance is an expert in Cyber Insurance exposures and coverage: use our expertise to evaluate your options so you can balance coverage and cost.
Not sure if cyber is right for you? Request our free guide to help you decide.
What Does Cyber Insurance Cover?
A comprehensive Cyber Insurance policy will typically include both first party and third party (liability) coverages and will respond to data breaches, ransomware, and deceptive funds theft attacks. First-party coverages
respond to damages incurred by the insured organization as a result of a cyber incident, while third party or liability coverage responds to claims for damages to third parties.
What Does Cyber Insurance Cost?
The cost of Specialty Insurance varies widely, and Cyber Insurance is no different. A cyber underwriter will consider an organization’s data, cyber security practices, size, industry, and other factors to determine its likely exposures. The underwriter will also factor in the specific terms being contemplated, such as limits, deductibles, and coverage extensions, to determine the cost. For the smallest organizations with strong cyber security, Cyber Insurance can cost less than $1,000, but this pricing is rare. Working with an expert like eSpecialty Insurance can help you evaluate your options, allowing you to balance coverage and cost.
Note: Cyber Insurance policies are not all the same. Some policies are more comprehensive than others, and some policies provide broader coverage in specific areas. In addition, each insured may have different exposures and coverage needs. We encourage you to read your policy and consult with an insurance expert such as eSpecialty Insurance.