Cyber Insurance Protection
Cyber Insurance is liability and security coverage in case of an incident where individuals and business owners’ systems are breached. There is also technology errors and omissions coverage for companies who offer technology services. These policies can be custom tailored to suit individual customer needs.
Since retirement accounts are the one place most people have their largest investment it is beneficial for the employer and employee to offer that protection. If you have a retirement account, then you need cyber insurance, even if it isn’t offered as an employee benefit. This accident insurance coverage over your largest asset gives an extra measure of security in your portfolio.
Cyber insurance is for everyone who operates a business or does business online. While business owners seemingly have more to lose in a cyber attack, careful examination shows that everyone could easily fall victim to the many facets of internet risks. Users can unknowingly lose the privacy of their information, be held hostage, or their devices infected with a virus in the online marketplace. Cyber insurance can help recover from identity theft as well as defray the costs of a potential loss.
Cyber insurance is geared towards covering the immediate losses of the business or person (first-party) and third-party risks which are those that happen as a result of the incident.
There are three basic types of Cyber Insurance available: cyber security, cyber liability, and technology omissions and errors. You will want to review your needs for coverage in the areas of criminal investigation, interruption of business, recovery of data, customer notification, monitoring credit, legal issues, government regulation, damaging or malicious content transmission, extortion and managing crisis. Some policies offer coverage for a public relations team to handle any negative responses to protect the business’ reputation.
With accelerated technology surpassing our ability to adapt several years ago a cyber attack is inevitable for online business and users who submit online transactions. Cyber insurance coverage will help cover the costs of recovery from an internet attack.