If your business is online, you are already aware of the risks from hackers and the need to keep data secure. There is hardly a day that goes by that another data security breach is reported. Today, identity theft runs rampant, and hacking is commonplace, leaving companies scrambling to protect their customers and themselves from these online threats.
Your reputation means everything. If you cannot keep your customer’s data safe, they will not trust you. Not to mention, recovering from a cyber attack can be costly to your bottom line. At The Nowell Agency, our professionals will sit down with you and discuss your options for taking back your corner of the Internet when cyber-criminals attack.
Benefits of Cyber Liability Insurance
As early as the 1990s, the beginnings of this type of coverage were in place for business success. Since then, the landscape is ever-changing to meet the dynamic growth of online technology and use. The industry continues to evolve to meet those security changes. Additionally, in the case of a large-scale data breach, protective coverage can mitigate the cost of recovery. Finally, the risks are evenly distributed, so premium costs balance out with the expected loss.
Types of Cyber Insurance
Just as each business’s needs are different, the types of policies and programs vary from different carriers. An experienced broker at The Nowell Agency can assist you in finding the best coverage for your needs, including:
- Hacksurance – Coverage that protects against cyber attacks and hacking.
- Cyber theft and cyber fraud – If your data is lost or destroyed because of a criminal or fraudulent online event, this coverage can help. Protection can include theft and funds transfer.
- Forensic investigation – When an attack occurs, this coverage may cover the legal, technical, or forensic services that can ascertain the impact of the attack, including stopping it.
- Interruption to business – Just like the theft of equipment or a fire to an office building, when an Internet event occurs to disrupt business routines, you lose time and income. This type of policy can help bridge the gap as you recover.
- Extortion – Data can include very sensitive information. Criminals are ready to take advantage of that to get what they want. It can be costly to hire experts to investigate a threat and undertake remedial measures. This coverage can help.
- Reputation – Defamation happens, even if you have taken steps to maintain a credible image. The Internet makes the effects of that defamation worse. This policy type can help.
- Computer data loss and restoration – If your computer is stolen, experiences physical damage, or your organization loses the ability to retrieve and restore data, this coverage may kick in to get you back up and running.
Reduce the Effects of Cyber Crime on Your Business
Since 1984, The Nowell Agency has worked with business owners and companies to protect their enterprises. Our brokers work with you to build a portfolio of products that support your requirements. One of our knowledgeable professionals will be happy to discuss your cyber risk insurance needs.