Cyber insurance helps companies manage the risks associated with storing and processing customer data.
In the event of a cyber incident or data breach this coverage not only protects you from lawsuits and loss of income, but can also include coverage for proactive actions such as forensic analysis, breach notification support, and credit monitoring services.
Specific Cyber Insurance Coverages StartSure offers:
Network & Information Security Liability - Covers the expenses to defend you and any claims from clients or for regulatory penalties resulting from a failure in your security, data breach, or privacy violation.
Business Income And Extra Expense Coverage - Covers lost income if you can’t run your business because of a data breach.
Extortion Coverage - Covers the costs to respond to an extortion incident, including money, securities, and even virtual currencies paid.
Funds Transfer Fraud (Social Engineering) - Covers losses due to fraudulent transfers due to phishing and other schemes.
Breach Response & Crisis Management - Covers incident response costs such as public relations experts, customer notification
costs and credit monitoring.Prior acts coverage - Covers claims related to a breach that happened before your policy’s effective date.
Coverage examples:
Data breaches and cyberattacks - Cyber insurance protects your company against the financial consequences of a data breach or cyberattack.
When your business is held responsible for a data breach or hack - If you're a IT consultant or cybersecurity business Cyber insurance provides coverage when a client sues you for failing to prevent a data breach or cyberattack at their business.