Interest in cyber insurance has grown in recent years as small businesses recognize the prevalence (and costly nature) of online threats. Then again, a lot of business leaders still have unanswered questions about cyber liability insurance: What does it cover? How much does it cost? How can I find the right provider?
These are all great questions, but this blog post will focus specifically on what happens when you report an incident to your provider. If you do not yet have a cyber insurance policy, CyberPolicy is more than happy to set you up with a provider best fit to your company's unique needs.
So, what does happen when you report a data breach or cyberattack to your provider? While it's true that your insurer will walk you through the breach-response process , it's important that you understand the process. Below is a simple roadmap of this process:
Once the response portion of the engagement has been completed, policyholders and insurers will shift their focus to defense. Depending on the needs of your organization, this could include handling a class-action lawsuit, managing regulatory fines, limiting income loss or even mitigating damages to your brand reputation.
How to Select a Cyber Insurance Policy
It can be tough to find the right cyber insurance policy if you don't know where to begin. Be sure to ask plenty of questions of your potential provider, including:
A cyber insurance policy only costs pennies a day; it's a smart investment compared to the high cost of a data breach and cyberattack. Visit CyberPolicy for your free quote today!