V-Soft's Corporate Headquarters

101 Bullitt Lane, Suite #205
Louisville, KY 40222

TOLL FREE: 844.425.8425
FAX: 502.412.5869

Denver, Colorado

6400 South Fiddlers Green Circle Suite #1150
Greenwood Village, CO 80111

TOLL FREE: 844.425.8425

Chicago, Illinois

5215 Old Orchard Road Suite #950
Skokie, IL 60077

TOLL FREE: 844.425.8425

Madison, Wisconsin

8401 Greenway Boulevard Suite #100
Middleton, WI 53562

TOLL FREE: 844.425.8425

Harrisburg, Pennsylvania

4813 Jonestown Road Suite #103
Harrisburg, PA 17109

TOLL FREE: 844.425.8425

Atlanta, Georgia

1255 Peachtree Parkway Suite #4201
Cumming, GA 30041

TOLL FREE: 844.425.8425

Cincinnati, Ohio

Spectrum Office Tower 11260
Chester Road Suite 350
Cincinnati, OH 45246

Phone: 513.771.0050

Raritan, New Jersey

216 Route 206 Suite 22 Hillsborough Raritan, NJ 08844

Phone: 513.771.0050

Toronto, Canada

1 St. Clair Ave W Suite #902, Toronto, Ontario, M4V 1K6

Phone: 416.663.0900

Hyderabad, India

Incor 9, 3rd Floor, Kavuri Hills
Madhapur, Hyderabad – 500033 India

PHONE: 040-48482789

Bangalore, India

3rd Stage Behind Hotel Leela Palace
Kodihalli, Bangalore - 560008 India

The Easy Guide to Cybersecurity Insurance for Your Business

cybersecurity insurance

Hacks, breaches, and network outages present more than just technical issues, and these potential consequences can lead business owners to adopt more sensible approaches to preventative measures and response plan security. Preventative measures help secure network defenses and employ security best practices, like cybersecurity insurance as part of your businesses response plan is a necessary safety net to ensure your businesses recovery after a cyber attack.

Cybersecurity insurance- sometimes mentioned as cyber liability or data-breach liability insurance- is standalone coverage. It’s designed to help companies recover data loss from a security breach, network outage or service interruption. Cybersecurity policies are tailormade and vary depending on insurers because of prices and exclusions and are important to building a complete strategy for risk management and response.

Should You Purchase Cybersecurity Insurance

No business is exempt from network outages or data breaches of any kind- small businesses and large enterprises alike. The impacts from financial loss, lost business opportunities, damaged reputation and customer uproar can be devasting, and can potentially lead to loss of employment, as Target’s former CEO discovered in 2014.

With so many extreme repercussions, cybersecurity insurance may be the knowledgeable thing to do for your business. It alleviates many of the costs and time put in investigating and resolving security mishaps and promptly assists your business with returning to normal operations.

What Types of Coverage Are Available

Cybersecurity insurance comes in two types: first party and third party. Most insurers offer policies that combine features of both types, but you find few that don’t. Business should be thorough when reviewing their cybersecurity policy to be aware of what is covered in the event of a security breach- most carriers will also include provisions and rejections into first or third-party policies.

A cybersecurity policy on first-party coverage will protect against:

  • Losses suffered by the insured
  • Damaged or lost digital assets, such as data or software
  • Cyber extortion if the hacker holds insured’s data for ransom
  • Money stolen through and electronic crime
  • Lost business opportunities or increased operational costs due to a disruption of the insured’s computer

Cybersecurity policies on third-party coverage are typically geared towards third-party companies who manage networks, software or systems that hold compromised data.

  • Third-party coverage will cover the cost associated with:
  • Security breaches of employee confidentiality
  • Lost customer data and information
  • Customer notification after a security breach
  • Public relations efforts and battling defamation and intellectual property violations

What Kind of Cybersecurity Insurance Do You Need

The most effective way to determine what kind of cybersecurity insurance your business needs is to complete a risk assessment and impact analysis. Businesses should review all their assets, including financial and customer data and intellectual property, then determine them as a high or low risk. Discover the main points of vulnerability during this process. Hackers are relentless and will exploit vulnerabilities in a system to steal a company’s physical assets- the 2016 attack on Swift, once renowned for its highly secure financial message systems showed that cybercriminals will stop at nothing.

Business owners should visit with their legal team and other department heads for insight on the ramifications of a data breach and pinpoint which assets demand safeguarding when developing a risk-management strategy.  Cybersecurity is everyone's job and  establishing a safety net to preserve your business from a cyber attack can prevent repercussions, and bottomline.  

Cyber Security Assessment

Topics: Cyber Security

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