Every business owner should be aware of—and take action on—the risk of cyberattacks. The potential continues to grow steadily as cybercriminals find new and better ways to breach digital defenses. Some of their many methods include:
And cybercriminals don’t just target large companies.
The belief that only organizations with “deep pockets” are victims of cyberattacks is understandable. However, some cybercriminals focus on small businesses, feeling they have fewer cybersecurity resources and their network and computer defenses are easier to breach. Consequently, it’s critical that companies of all sizes take steps to address their risk of cyberattacks.
It goes without saying that the least damaging cyberattack is one that fails. Small businesses should do all they can to protect their networks, computers, and other devices from illegal access. But cybercriminals are relentless, and breaches occur even in the most carefully controlled environments.
Fortunately, bibERK offers another layer of protection from cyberattacks: cyber insurance. It provides financial protection for a business when a hacker steals sensitive information by gaining access to its network, computers, or other devices, steals sensitive information, and uses it to commit fraud or is likely to do so. It can also cover the accidental release of sensitive information.
Read on to learn more about this crucial coverage, including what it covers.
Also referred to as cyber liability insurance, cybersecurity insurance, and cyberattack insurance, cyber insurance covers costs related to the compromise of sensitive data from a successful cyberattack.
Imagine you arrive at work one morning and discover someone has hacked into your computer network and stolen sensitive customer information. This might be credit card numbers, Social Security numbers, or other information a criminal could use to make unauthorized purchases and commit other types of fraud.
Immediately, you know you’ve got to take action to minimize the impact of the breach, including:
All of these actions have costs, and the sum can be significant. Without cyber liability insurance, your business must pay these expenses. But when you have coverage from biBERK, these services are covered after a data compromise.
Cyberattacks can have wide-ranging consequences. biBERK cyber insurance policies provide cost-effective protection from the most common costs of data compromise from a cyberattack.
Your biBERK policy addresses what are called response costs, which are categorized as first-party and third-party expenses. First-party response expenses (incurred by the business) include:
Third-party response expenses (incurred by others or related to their losses) are your legal defense and your liability costs—meaning money a court orders you to pay to customers.
The expenses your biBERK cyber insurance covers are based on the type of policy to which your coverage is added. To maximize convenience for policyholders, we add our cyber insurance coverage to other biBERK policies, such as general liability insurance or a business owners policy (BOP).
As noted above, biBERK cyber liability insurance protects businesses from the most common data compromise costs. Other expenses that can result from a breach and are not covered by our cyber insurance include:
It’s essential to understand precisely what a biBERK cyber liability insurance policy covers and doesn’t cover. If you are unclear about any aspect of biBERK coverage you have or are considering, you should talk with one of our licensed insurance experts.
biBERK cyber insurance provides cost-effective protection from expenses related to data compromise from cyberattacks—especially when you think about the potential financial and reputational damage from an incident. Remember that your business faces immediate costs to address the breach but also the risk of long-term harm if you don’t have the resources to manage an incident promptly, completely, and to your customers’ satisfaction.
A biBERK cyber insurance policy costs $85-$200 per year (on average) for base coverage. Based on the policy to which it’s added, it can provide $50,000 for response expenses and $50,000 for defense liability. And our cyber insurance coverage comes with low down payments.
We also reduce the time required to respond to a breach by enabling you to report a claim quickly and efficiently online. The last thing you need when dealing with a cyberattack is a complicated claims process!
Get an instant, self-service, online quote to determine your cyber insurancecost.
You can reduce your company’s risk of being a victim of cybercrime by taking these steps:
Below are some common questions and answers about cyberattack insurance.
Any business that collects sensitive information about its customers or clients should have cyber insurance. In today’s digital world, that is nearly all companies. Sensitive information includes credit card numbers, Social Security numbers, health or medical records, or any other information a cybercriminal could use to commit fraud.
biBERK cyber insurance costs $85-$200 per year on average for base coverage, which includes $50,000 for response expenses and $50,000 of defense liability.
You can report a cyber insurance claim on the biBERK website. Our claims team will then connect with you and guide you through the process.
Our cost-effective cyber insurance protects your business from the most common costs of a data compromise from a cyberattack, including forensic IT review, legal review, notification of affected individuals, services for affected individuals, public relations services, legal defense expenses, and third-party damage claims. Coverage is based on the type of policy to which you add cyber insurance. Contact us for details.
Certain costs don’t fall under our cyber insurance coverage, including system outage damages, business interruption, PCI/DSS compliance violations, extortion, stolen funds, and others. Contact us for details.
Proper cyber insurance coverage for your business has many benefits—from financial and reputational protection to peace of mind. When you buy cyber insurance from biBERK, you get a great balance of coverage and price. You also get the confidence of knowing we’ll address covered incidents promptly and thoroughly.
biBERK is part of the Berkshire Hathaway Insurance Group, which has helped business owners protect their companies for over 75 years. Just as importantly, our friendly and knowledgeable team members are eager to assist you in finding the right coverage and to help you recover if your company suffers a cyberattack.
About biBERK Business Insurance
biBERK can help you with all your small business insurance needs, including: commercial auto, general liability, property and liability, umbrella, and workers’ compensation. https://www.biberk.com
Media Contact:
Rakesh Gupta | 402-408-2870