Cyber Liability Insurance
If your business engages in selling on the internet or collecting personal data within your electronic network, you are at risk of a data breach. When a data breach occurs, your client’s personal information is at risk, including their Social Security or credit card numbers.
To protect your business, you need cyber liability insurance. This helps to protect your company in the event of a data breach. As technology advances and becomes more sophisticated, so do the threats of breaches
How do you mitigate a cyber security breach?
With cyber liability insurance, your business is protected and covered in the event of a breach. Depending on the size of the breach, you could be looking at:
- A small-to-medium sized problem: This could cost you $150,000-$200,000 to clean up, and you’ll need to provide your customers with credit monitoring for at least a year.
- A very big problem: This kind of breach could run you $2-3 million or put you out of business.
On average, cyber liability insurance costs between $2000-$5000. The more confidential information your business has, the higher your premium will be. For example, law firms and medical companies have some of the highest cyber liability insurance premiums in the nation.
How do you reduce the costs of cyber liability insurance?
Total Technology Resources can help you reduce your premium:
- We’ll make sure you’re using approved language in your handbooks.
- We’ll complete a vulnerability scan or penetration test to see how well your network stands up to a hack.
- We’ll put an attestation together that you can submit to your insurance company stating that your business has taken extra steps to prevent a breach.
By reducing your risk, you could reduce your cyber liability insurance by half.