Cyber Insurance: Why Your Business Needs It 

If you’re a business in Irving, TX or anywhere else, you likely need cyber insurance. Regardless of your size or sector, cybersecurity should be a real concern for your enterprise.

What is Commercial Cyber Insurance?

Cyber insurance, or cyber liability insurance, is designed to help businesses recover after a cyber incident. Policies may include coverage for the following, among other risks:

• Data breaches—Cyber insurance typically covers the costs associated with responding to a data breach, including notifying affected customers, providing credit monitoring services and managing public relations.

• Business interruption costs—A policy may provide compensation for lost income if a cyberattack disrupts business operations.

• Cyber extortion—A policy may cover expenses related to cyber extortion, such as ransomware payments and negotiation services.

• Associated legal costs—A policy may include coverage for legal defense costs, regulatory fines and settlements resulting from a cyber incident.

• Information recovery—Cyber insurance can help pay for the recovery of lost or stolen data.

Who Needs it and Why Does it Matter?

Nearly any business could benefit from cyber insurance. If you deal with client data, including names, addresses, credit card numbers and other confidential information, your business could face significant costs after a data breach or other cybercrime. Even smaller enterprises should be prepared; cybercriminals are increasingly targeting small businesses due to limited cybersecurity protocols.

The following businesses should especially consider a cyber policy:

• Healthcare providers

• Financial services companies

• Retail and e-commerce businesses

• Technology firms

• Manufacturing and logistics companies

• Legal and accounting firms

• Educational institutions

Contact Mi Pueblo Supreme Insurance to learn more about potential cyber risks and how the right policy can help financially protect your operations.

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.