9 Questions Accountants Have About Cyber Insurance

Here at CyberPolicy, we understand that cyber insurance can be confusing to those unfamiliar with the service. That's why we try our best to explain this service using real-world examples or trends through our blog; and why we take time to answer questions from prospective customers.

We have recently started offering CPA cyber insurance to protect accountants from the ravages of data breach and cyberattack. Below are a few of the common questions we receive regarding this form of insurance.

What Is CyberPolicy?
CyberPolicy is a trusted advisor in the cyber insurance industry. We provide curated choices and competitive rates from leading insurance carriers so you can make the right decisions for your organization.

How Does CyberPolicy Work?
CyberPolicy operates under three critical criteria: Plan, Prevent and Insure.

Plan: Planning takes you through a simple set of questions to identify your needs and vulnerabilities, then guides you in selecting the proper security and insurance precautions.

Prevent: Prevent attacks on your organization by partnering with leading cybersecurity companies and matching your needs with security tools.

Insure: CyberPolicy sets you up with a trusted insurer to provide you with the coverage you need to adequately insure yourself against known cyber risks.

Are There Different Kind of Policies for CPAs?
CyberPolicy offers first-party and third-party cyber coverage. The former protects against extortion, ransom, loss of income due to business interruption and data theft. The latter covers legal fees, settlements, media liability, privacy liability, credit monitoring and more.

How Much Does Cyber Insurance Cost?
Depending on your plan, cyber insurance costs as little as pennies a day. This is vastly preferable to the average $21,"000 small business spent on cyberattack recovery in 2014.

Am I Really a Target for Hackers?
Yes! Small businesses are a prime target for cybercriminals due to the fact that they often lack the defensive resources of a large company. Accountants are at an even greater risk of cybercrime because they house a trove of personal and financial information on their clients that hackers would love to exploit.

Can CPA Cyber Insurance Protect Me from a Lawsuit?
If your client data is leaked or stolen you could face a class-action lawsuit for jeopardizing personal and financial information. While CyberPolicy cannot block you from the threat of litigation, third-party cyber coverage can assist with legal fees.

Does CPA Cyber Insurance Protect Me from Breaches from Third-Party Vendors?
It depends on your plan. Third-party cyber coverage does financially protect you against data breaches caused by external vendors and agencies.

Is Cyber Insurance Required by Law?
No, cyber insurance is an optional service in all 50 states. However, if you are struck by a cyberattack it is required that you report the incident to the proper authorities.

Does CyberPolicy Offer Other Forms of Insurance?
While CyberPolicy focuses cyber insurance, CoverHound (our parent company) is happy to help you find insurance coverage for your business, home or car.

Now that you know all about CPA cyber insurance, you can make an informed decision about your policy and protection. So, what are you waiting for? Visit CyberPolicy for your free cyber insurance quote today! You'll be glad you did.

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