March 15, 2018
We live in a society of technology, in both our social lives and business dealings. Businesses reaching out to clients, bills being paid online or just being social and chatting with our friends. Unfortunately, this is also an avenue for cyber attacks. Even with all the security out there, hackers can still get through. The next best thing would be to protect yourself with Cyber Insurance.
Cyber security is a growing concern for many business. These breaches can be caused deliberately or inadvertently by staff or launched by run-of-the-mill hackers and criminals. These computer systems can be frozen by these hackers and the company’s entire operation could be critically compromised with just a few clicks of the mouse.
A cyber insurance policy is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event. Everything is taken care of, from meeting regulatory requirements and covering fees, to notifying clients, managing business interruptions, and restoring lost data.
Different insurance companies offer different degrees of coverage. The following is a list of what some companies cover. Your business may or may not need some of these overages. Talk to the brokers at Rice Inc. to see what type of coverage you require to best to cover your needs.
Example of Coverage:
- first-party losses suffered by the business owner for network business interruption, cyber extortion and data protection
- third-party damages and expenses resulting from a violation of a privacy law, regulatory defense and penalties, or payment card fines
- expenses for professional services, which include forensic investigation, legal support, public relations and crisis management
- breach support and specialized claims services from a dedicated team of breach response professionals
Talk to us here at Rice Inc to help protect your company with Cyber Insurance.