Five Reasons to Buy Cyber

Making the case for cyber insurance can be tough even if it’s clear that nearly all companies would benefit from it. So to help your conversations, CFC has put together the top five reasons to buy cyber.

Here are the top five reasons every business should have a cyber insurance policy.

Cyber security and incident response services come free
Cyber insurance doesn’t just cover financial loss when an incident occurs. A good policy offers proactive protection to stop attacks from happening in the first place, and reactive support to respond efficiently and effectively when they do occur.

From the moment a CFC cyber policy is bound, their global team of cyber experts works around the clock to detect and alert customers to cyber threats targeting their business. If they discover a cyber security issue, their team notifies the impacted business through their app, Response, and takes steps to remediate the threat before it escalates.

The value these services offer to small businesses in particular might just be the greatest benefit a cyber policy can provide.

Cybercrime is growing rapidly
Our increasing reliance on technology and the internet is exposing any business that uses a computer to a world cybercriminals—who work around the clock to identify vulnerabilities and launch attacks. You’ve likely heard of ransomware, but social engineering scams are also on the rise, leading to significant losses for companies of all types.

At the forefront of protecting against this new wave of crime, cybercrime provides invaluable cover for a wide range of electronic perils, from wire transfer fraud to ransomware.

System downtime is missed by standard business interruption insurance
When computer systems are brought down, a traditional business interruption policy is unlikely to respond. Considering how almost all businesses rely on technology to some extent, this can result in significant financial loss the business has to bear alone.

Cyber insurance can provide cover for loss of income and extra expenses associated with a cyber event, including legal fees, the cost of remediating the incident, the hiring of expert teams, reputational harm and so on.

Your data is not covered
Data is one of today’s most important business assets, often worth many times more than the equipment it’s stored upon. Yet business owners are often unaware that a standard property policy would not respond if data is damaged, lost or destroyed.

Taking out a cyber policy is a great way to get comprehensive cover for data restoration and even re-creation in the event of a loss.

Complying with breach notification laws cost time and money
Breach notification laws are now commonplace across many territories, and require businesses that fail to protect personal data to notify affected individuals or risk hefty fines and penalties. Australia’s Notifiable Data Breaches Act, Canada’s Digital Privacy Act, Europe’s General Data Protection Regulation, and numerous US state laws make it a legal obligation to notify, and there is also a growing trend towards voluntary notification in order to protect your brand and reputation.

Cyber policies can provide cover for the costs associated with providing a breach notice even if it’s not legally required, and can also cover associated regulatory fines and penalties.

Source: www.cfcunderwriting.com