What Is Cyber Insurance? 1st Party Cyber Coverages (part 2 of 3)
Posted by BlackFire Cyber Insurance on
Over 43% of cyberattacks are geared toward small businesses and a 1-person company!!!
When looking to transfer technology risks, your cyber insurance should have 1st party and 3rd party coverages.
We covered in details what a 3rd party cyber liability coverage looks like in our previous blog.
Let’s look at the extensive list of what a comprehensive cyber insurance offerings are to you, as a 1st party insured. Keep in mind, each carrier defines their coverages a bit differently but you’d want to ensure that the coverages are comprehensive cyber coverages. This is where you would need to rely on the cyber insurance experts to ensure you are covered well and protected should the worse happen.
When our property has been broken into, we rely on our insurance to help us thru the process of recovery.When it comes to digital theft – the term data breach is utilized to identify that sensitive data, such as, name, email, social security number, etc. has been stolen or taken away from a digital system.Theft of credit card info is also identified as data breach peril.There are many regulations, fines, and processes to follow after data breach occurs.Cyber policy can help mitigate those financial risks so should you become a victim of cyber crime and your system has been breached, you have the support you need.
Is your company ready to face a cyberattack?
Do you have experts by your side should you become a victim of cybercrime?
The ideal cybersecurity insurance policies are affordable, have high limits, and cover the greatest range of potential losses. Our cyber experts can help you come to the right decision by showing you what is currently offered by various providers and determining what policy provides the best protection with the least impact on your bottom line.