The Necessity of Cyber Insurance

Technology makes doing business much easier however it also puts most businesses at risk of a cyber-attack. The rise in cyber-crime threatens the financial viability of both small and large organizations alike. Every business and organization must protect itself against cyber threats. Cyber insurance, paired with a cyber security plan, is the best way to reduce the threat.

What is Cyber Insurance?

Cyber Insurance helps protect your business or organization from cyber-attacks. Statistically speaking, cyber-attacks aren’t that rare. And Petschauer Insurance cyber insurance policyholders have tools and resources that help before and after an attack occurs.

Cyber Insurance Coverage

Some highlights of coverage include:

• Cyber response: insurance companies provide time critical resources at the time of an attack including forensics, negotiation, data recovery, legal counsel, and customer notification. Coverage can also include public relations expenses to help restore your reputation.
• Cyber-crime: pays for losses due to cyber extortion and wire transfer fraud to name a few.
• Network Security liability: if a breach occurs, then your business could face a lawsuit or liability claim. Cyber liability insurance covers the defense and settlement costs associated with such an event.
• Business Interruption: pays for income loss associated with a shut down in computer systems due to a cyber-attack.

Petschauer Insurance understands the complexity of cyber threats. We have solutions that protect your business assets. Contact Petschauer Insurance for more information about Cyber insurance.

Cyber Insurance Reviews

Cyber insurance has emerged as a protective measure against cyber threats, however, not all insurance contracts are created equal. Coverage agreements vary significantly among insurance companies and many policies have limitations or exclusions that result in a financial safety net looking more like Swiss cheese. Unfortunately, many business leaders do not understand how their cyber insurance protects their organization until after a cyber-attack occurs. Do not wait for an attack to discover you have gaps in coverage!

Petschauer Insurance offers cyber insurance reviews to determine whether your policy is tailored to address the unique financial exposures of your organization. We understand how this insurance protects your firm from the variety of methods used by cyber criminals and the liability stemming from these attacks. If a change in coverage is needed, Petschauer has access to competitive carriers to obtain the best terms and conditions available to your organization.

Schedule a review: Schedule Appointment.