What is Cyber Insurance?

Cyber attacks are becoming more and more common. The FBI reported 847,376 complaints of cyber attacks and malicious activity in 2021. Losses from these cyber attacks exceeded $6.9 billion, a 64% increase from 2020. Cyber insurance can help protect you financially from these losses.

We’re here to help you find the cyber insurance you need. Contact AnderGray Insurance Services in Westlake Village, California, to learn more about our cyber insurance solutions.

Why Do I Need Cyber Insurance?

Technology is an essential part of owning and operating a modern business. Unfortunately, using most technology can also leave your business vulnerable to cyber attacks. If a cyber attack occurs at your business, you could be responsible for costly fines and legal fees, as well as risking reputational damage and lost customers.

What Is Cyber Insurance?

Generally, your cyber insurance policy will help protect your business from liability arising from cyber attacks or data breaches at your company. For example, it can provide financial protection by helping your business recover lost income following a cyber attack, extortion payments after a ransomware attack and legal fees arising from customer lawsuits.

What Does Cyber Insurance Cover?

Your cyber insurance coverage will vary depending on your insurer. Your cyber insurance coverage may include the following benefits:

• Helping to repair damaged operating systems
• Recovering compromised data
• Helping to pay for legal fees
• Notifying customers about a data breach
• Restoring personal identities of affected customers

Customer notification is a legal requirement in many states following a data breach affecting personally identifiable information. Even when it’s not required, the services provided by cyber insurance can help rebuild trust among your customers. Contact AnderGray Insurance Services for more information.

What Should I Do After a Cyber Attack?

Here are some practices you should follow if your business experiences a cyber attack:

• File a report with the police.
• Report online crime or fraud Internet Crime Compliant Center (IC3) or the federal government’s internet fraud resource website.
• Report identity theft to the Federal Trade Commission.
• Contact your insurer immediately.

How Do I Get Cyber Insurance?

Cyber security is complex and rapidly evolving. We’re here to help. Contact AnderGray Insurance Services to learn more about our cyber coverage and to get a cyber insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.