Cyber liability insurance is a type of coverage designed to protect businesses like yours, from the financial burden of a cyber attack or data breach. In our increasingly interconnected world, where businesses heavily rely on digital systems and store vast amounts of sensitive information, the risk of falling victim to cyber threats has significantly increased.
Have you received a ransom notice or do you suspect your IT infrastructure is compromised? If so, contact the Computer Solutions Cyber Security team. We’ll help you determine the best course of action to file a claim, stop the breach, recover data and prevent further damage.
Cybersecurity insurance can cover many aspects of a threat occurrence from investigative services, threat actor negotiations, hardware replacement and/or reputation management. Here’s a breakdown of what cyber insurance typically covers:
This type of insurance typically covers expenses associated with data restoration, including forensic investigation costs to determine the cause and extent of a breach, as well as the implementation of necessary security measures to prevent future incidents.
Cyber insurance is a crucial tool for businesses in the digital age, as it covers various aspects related to fraud and extortion such as: financial losses resulting from fraudulent activities, expenses incurred from ransomware attacks, and potential costs associated with negotiating, paying ransoms and remediation efforts.
Cyber insurance is a comprehensive coverage option that assists businesses in mitigating the risks associated with security breaches and privacy infringements such as data breaches, business interruption, and reputational damage control.
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Certain industries are bigger targets for hackers than others. Does your company fall into one of these industries?
50 million patient records were compromised last year by healthcare organizations. Learn More About Healthcare Cybersecurity
The banking industry was disproportionately affected, experiencing a 1,318% year-on-year increase in ransomware attacks in the first half of 2021. Learn More About Finance Cybersecurity
In 2021, with an average of 1605 attacks per organization per week, a 75% increase from 2020. Learn More About Education Cybersecurity
Ransomware payments reached over $400 million globally in 2020 and topped $81 million in the first quarter of 2021. Learn More About Government Cybersecurity
Automotive cybersecurity incidents doubled in 2019, up 605% since 2016.
Between 2019 – 2021, the FBI IC3 received an increase in complaints in the use of virtual meeting platforms to transfer funds to fraudulent accounts.
To understand your risk level, you need to adopt a holistic and proactive approach that assesses potential threats across various dimensions. The Computer Solutions team can help you understand your risk levels and put processes and systems in place to ensure your company’s information is secure. Additionally, having such processes in place will help when preparing for an audit or when renewing your cyber security insurance policy.
Learn More About Cyber Risk Management
Whether you’re comparing policy requirements or getting ready for a renewal on your existing cyber insurance policy, the team at Computer Solutions can help you evaluate your options, understand policy requirements and ensure you’ve selected the best policy for your company. Contact us today.
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