Data Breach and Cyber Insurance
Any business that uses technology to engage, retain and service customers is open to cyber risk and should carry data breach (cyber) insurance to protect itself and its customers against cyber-related losses. Data breach insurance, or cyber insurance, is designed to cover your business in the event of cyber-attacks, viruses and other threats, including any lawsuits that may arise as a result of a data breach.
In today’s data-driven world, business owners are moving their operations to mobile and online platforms at record rates because that’s what their customers demand – but the shift is creating a whole new type of vulnerability that requires businesses to obtain data breach insurance coverage to properly safeguard their most sensitive information. In truth, it’s only a matter of time before all companies will be cyber-based and will require data security insurance for cyber-related losses.
At EAB Insurance, we understand that hackers are smart, relentless and have the ability to wreak havoc on your business. We understand they will do just about anything to get a hold of your customers’ information, and they are becoming increasingly attuned to the innerworkings of cyber systems – all of which poses a huge security threat to businesses. That’s where we come in. Because it is challenging for any business to keep up with all of the latest security measures, we work with each of our clients to create cyber insurance policies tailored uniquely for them.
EAB partners with several highly-rated companies to provide small to mid-sized businesses with comprehensive data security. Our unrivaled cyber insurance coverages will notify you – and your customers – about a potential data breach; help you with recovering related costs, including legal expenses; and protect you from damage to electronic data and security systems.
Who needs data breach cyber insurance?
Data breach protection insurance is imperative for business of all types and sizes, though cyber insurance for small business is particularly important. In fact, 55% of small businesses in the United States have experienced at least one data breach, and 53% have experienced multiple.
What can I expect from my insurance for a data breach?
When you purchase data breach insurance from EAB, your policy covers:
- Legal reviews (including legal fees)
- Professional services for those affected, including a help line, credit monitoring and case managers for victims of identity fraud
- Expense reimbursement for lost wages, various legal fees and more
For more information, or to get started creating a cyber insurance policy that’s tailored specifically to the needs of your business, contact us today.