Even if you think your business is not technology based, chances are you still have some electronic data. Cyber Insurance covers two different aspects of business. It covers your liability to others like if you get hacked and customer information is stolen, and that customer is harmed.
You can be liable to your customer or even your employee if employee personal information is taken. Things like legal fees from suits, fines, credit monitoring and forensic examinations can be covered in these instances.
Cyber Insurance also covers damages to your own business. Things like public relations expenses, cost of recovery, ransomware payments, extortion losses can possibly be covered.
Cyber attacks and data breaches are not covered by your general liability policy. So having Cyber Insurance is the only way to get these types of coverages.
Recent data shows that 43% of data breaches occur in smaller businesses and are target #1 for hackers, and cyber events have become even more prevalent during the pandemic years. Every business needs Cyber Security Insurance.
Talk to your insurance agent at St. Marys Insurance Agency & Affiliates about Cyber Coverage today.
Scott A. Surra, CIC
Insurance Producer
Insurance Educator
