Cyber Insurance: Essential Protection for Cyber Risk

Posted: July 09, 2020

Now more than ever, every business needs to be aware of cyber risks. From malware and ransomware to phishing, DDoS attacks and more, there are many cybersecurity threats, and new threats are evolving every day. Read on to learn more about cyber insurance and how it can provide financial protection in the event of a breach.

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Who Needs Cyber Insurance?

Every business can benefit from cyber insurance. It’s wise to err on the side of caution anytime you deal with online transactions or your customers’ contact information. In the digital age, cyber threats grow more sophisticated by the day. As more businesses are making their way online, more cybercriminals are too. Cyber threats and vulnerabilities aren’t always within your control. But you can still protect yourself with two powerful forces: cybersecurity and cyber insurance coverage.

What Are the Most Common Cyber Threats?

In 2020, Norton Security reported some of the most common cyber threats as follows:

  • Data privacy attacks and breaches occur when protected or confidential information is copied, stolen, or viewed by an unauthorized individual. A breach occurs when hackers find small vulnerabilities in a website. These attacks can result in compromised credit card numbers, stolen identities, confiscated medical records, and more.
  • Ransomware is a form of malicious software that infiltrates a computer or network. This type of malware may prevent certain files from being accessed or even completely lock up the functionality of your system until a demanded ransom is paid.
  • Phishing occurs when an outsider user attempts to obtain credentials or personal information via email or some other means, often posing as someone familiar or authoritative. If the phishing attack is successful, the attacker can then take over the account(s) they gained access to, changing passwords to lock the original user(s) out. Risk can be even greater if the attacker gained access to an account with greater administrative privileges, potentially compromising entire systems. Phishing is one reason why two-factor authorization has become a prominent security feature in 2020.

Keep in mind that these are only a handful of today’s most common risks. There are also many cybersecurity measures you can take to protect your information. However, as new digital technologies present themselves, new cyber threats do too. The risks of 2020 may look very different from those of 2021. While we can’t predict the future of the digital age, we know with confidence that cyber insurance can protect every online business for today and beyond.

How Does Cyber Insurance Work?

Cyber insurance works by covering nearly anything related to cyber incidents or failures. At KSA Insurance, we are proud to offer cyber insurance through our trusted partner, Coalition, with a full range of coverage options. Here are just a few ways that cyber insurance can protect you:

  • Stolen Funds remain protected in the case that you experience a financial loss due to a fraudulent funds transfer. Full recovery* for your financial loss includes any funds lost due to social engineering.
  • Breach Response Costs provide coverage for legal fees, incident response, and the costs of informing your customers of a data breach. Additionally, this coverage extends to include any fees associated with providing credit reports for your customers.
  • Reputation Repair covers you when negative press results in a financial loss for your online business.
  • Lost Business Income is protected when a security event takes your business offline. In this event, you can recover your financial loss experienced during the down-time.
  • Computer Replacement is covered if you or your team experience a negative impact caused by computer viruses or malware.
  • Cyber Extortion coverage protects you if a ransomware incident occurs.
  • Social Media coverage includes protection for all your social media accounts.
  • And More coverage options are available to best meet your needs.

* With cyber insurance through Coalition, your coverage includes up to $15M in financial, tangible, and intangible damage to your business. To learn more about how cyber insurance can keep you covered, contact us at KSA Insurance. Our team is here to help!

Free Cyber Risk Assessment

Our partner Coalition offers a free cyber risk assessment, providing an overview of your risk and vulnerabilities. In addition to highlighting your vulnerabilities, the assessment includes a summary of recommended actions to help you mitigate your risk. Coalition also offers access to trained cybersecurity experts who can answer any questions you may have about the assessment or the recommendations you are provided.

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Protect Your Business Today

Cyber insurance offers essential protection for every business. Now is the time to protect yourself and your customers from cyber attacks. With years of experience, our team at KSA Insurance has the knowledge and expertise to help you understand your coverage options and build a policy that’s right for your needs.

Every business has unique cyber risks and vulnerabilities. That’s why you need a policy that’s made just for you. Leave the protection up to us, so you can get back to doing what you love: growing your business. When you’re ready, contact us today for a free quote!

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