Is your business vulnerable to a cyber attack or data breach? Many small businesses are vulnerable because their cyber-security strategy is weak or nonexistent. Unfortunately, a cyberattack will put 60% of small-to-medium-sized companies out of business within 6 months. The cost of dealing with one is beyond what most companies can afford. Cyber insurance coverage can protect you and your company from those who would do it harm. Let’s talk about what cyber insurance covers so you can decide if it’s right for your business.
Businesses Are Vulnerable to Cyber Attack
Hackers will target smaller or mid-sized businesses for several reasons. First, they are less likely to have security measures and trained staff in place than larger companies are. They will frequently underestimate how valuable and vulnerable the information they have is. This would include credit card numbers or personal information on their customers.
Additionally, smaller businesses will often not use a third-party service to back up their files and data which makes the data more vulnerable to ransomware. Hackers will also use their connections to larger companies as an entrance point for a break in. Any of these types of attacks can cost a company enormous amounts of time and money to fix or rectify - if they can indeed rectify the damage. This is where cyber security insurance comes in.
Cyber insurance coverage will help your business recover from financial losses caused by any of the above attacks or other breaches. It can be used to pay for fines, attorney’s fees, credit monitoring, digital forensic costs, data recovery, customer notification, or other large expenses related to a cyber attack or data breach.
Does Your Company Need Cyber Insurance Coverage?
If your business handles personal information like driver’s licenses, social security numbers, medical information, credit cards, or bank account numbers, you need it. Even if you only keep track of your customers’ names, email addresses, mailing addresses, and phone numbers, you are vulnerable to cyber attacks and need first-party cyber insurance.
The majority of companies need first-party cyber insurance to protect themselves from the risks their company faces with its own data. Companies that are responsible for their clients’ cybersecurity will also need third-party coverage to provide protection against a client lawsuit.
Navisure Insurance Group offers a variety of cyber insurance coverage options, including coverage for:
Unauthorized access
Business interruption
Cyber extortion
Theft
Social engineering
Transmission of virus or malicious code
Navisure works with a variety of cyber insurance carriers that offer an assortment of specialized coverages based on what each business needs to be protected. Not all coverages are included in a base policy. We are always available to help advise you on which type of coverage would best protect you. For a quote, click here or call us at 616-600-8288.
COREY VANDERMEER | PRESIDENT
Corey started his insurance career in the claims department for a national carrier and learned the basics of insurance coverage and how it’s applied. From there he decided to take the jump into sales and joined an independent insurance agency. Here he learned how to build coverage around the needs of each individual and cater to every client. When Corey decided to start an insurance agency he did so with the intention of simplifying the process of getting insured. With a focus on technology and simplicity; his goal was to create an insurance agency that was different from those currently dominating the market place.
When he’s not working, Corey enjoys golfing, fly fishing and spending time with his wife and kids. Together they enjoy traveling to Northern Michigan and to his wife’s hometown of San Francisco.