Cyber Security Insurance

Cyber security is no longer a government or major corporation problem. According to statistics, in 2021, 61% of small to medium-sized businesses (SMBs) experienced a cyberattack. Since large enterprises are fortifying themselves against cybercriminals, small businesses have increasingly become the new target.

 

Cyber security coverage is the remedy to this situation.

Besides improving cyber defenses, your businesses can invest in cyber security insurance coverage from CIIG. We offer comprehensive cyber security insurance coverage for businesses primarily within Rock Hill, SC and Greenville SC.

Let's dive deeper into cyber security coverage, how it will benefit your business, and why you should trust our insurance services. 

What is Cyber Security Coverage?

Cyber security coverage is an insurance cover against your business's liability if a data breach or cyberattack results in the leaking or theft of sensitive customer information such as social security numbers, account numbers, credit card numbers, health records, and driver's licenses.

Also known as cyber security liability insurance, this cover helps your business mitigate the risks and effects of a cyber attack on IT infrastructure, information policy, and information governance.

Often, cyber security liability coverage is excluded from traditional insurance policies and commercial liability policies. Therefore, you must purchase it separately if your business is internet-enabled and at risk of data breaches and cyberattacks.

CIIG, through its knowledgeable advisors, assesses your business's risk to determine whether cyber security insurance is necessary and the appropriate amount of coverage needed.

Why Does Your Business Need Cyber Security Insurance?

Cyber security insurance protects your devices, applications, users, and networks from the adverse effects of cyberattacks, such as customer, reputation, and revenue losses. Sometimes, your business may also be liable if third-party data is lost.

Typically, you get first-party coverage or third-party coverage.

  • ​A first-party coverage covers a cyberattack's direct impact on your business.

  • A third-party coverage will insure against damages incurred by another enterprise having a business relationship with you.

If you take a cyber security liability insurance cover from CIIG, most of these costs will be footed by your cover, giving you a greater chance of surviving the aftermath of a cyberattack.

What More Does CIIG's Cyber Security Insurance Cover?

CIIG offers cyber security coverage that helps with more than legal expenses and fees resulting from a cyberattack.

Other benefits include: 

  • Immediate customer notification when the cyber breach has been detected and confirmed

  • Restoration of data and personal identities of affected customers

  • Recovery of compromised data

  • Repair of damaged computer systems or infrastructure

  • Payment of ransom demands, if applicable, in ransomware attacks. Typically, ransomware attacks see the perpetrator demand an extortion fee for them to unlock or return compromised data. The extortion fees are often exorbitant.

  • Payment of attack remediation costs. Businesses are often charged hefty fines after a cyberattack if investigations show a violation of various privacy regulations and policies. Remediation costs can extend to paying computer or security forensic experts for the remediation and recovery services.

Some of these services, such as notification of affected customers, are legally required and costly processes.

Others are complementary services not required by law in most states. However, they show that you're concerned about your customers and the cyberattack's effect on them, which improves public relations at such a critical time.

What are The Benefits of a Cyber Security Insurance Plan?

The cyber liability insurance cover you get from CIIG will benefit your business in the following ways:

Comprehensive Data Breach Coverage
The law stipulates the alerting and remediation steps that an organization must take after a cyberattack. 

 

These steps are often expensive, including aggressive legal action, identity theft protection, and security fixes for the affected systems. A cyber liability policy covers your business from these exposures and expenditures, ensuring your data is safe from cybercriminals. 
 

Reimbursement of Business Interruption Losses
Most cyberattacks cripple a business's IT infrastructure, disrupting normal business operations. These interruptions cost the business time and money. CIIG's cyber security liability policy can cover your loss of income during these business interruptions. 

 

Our policies can also cover the increased costs of running your business after the interruptions.
 

Adequate Defense Against Extortion
Ransomware is one of the most expensive cyberattacks. The attacker will withhold the stolen information until the business pays a steep fee. 

 

The cyber security liability insurance policy we offer can help recoup some of your losses from the extortion. 
 

Forensic Support
Organizations are required to investigate a breach and determine its extent and what caused it. Forensic and expert cyber security services are expensive but often covered by cyber security insurance. 

 

Other policies can offer 24/7 support from cyber security specialists, reducing the costs of the forensic work needed after a cyberattack.
 

Legal Support
Most businesses find themselves in a legal tussle after a cyberattack. A cyber security insurance policy helps your enterprise foot the expensive legal costs and afford good legal services if your business has a case to answer in court.

Why Should You Choose CIIG for Your Cyber Security Coverage Needs?

CIIG is a dependable, reputable, trustworthy, and affordable business insurance company in South Carolina. We have worked with businesses over the years with different cybersecurity needs and risks and learned, with tremendous experience, how to offer comprehensive coverages that protect your business's and consumer's data from cyber criminals.

 

Our experienced advisors work with you from the start, first assessing your business's cyber security risks before recommending the best policy and practices to ensure a secure cyberspace for your business and a swift response to any threats or attacks.

Contact Us Today

We are eager to hear from you and provide great cyber security coverage that will give you peace of mind as your run your business in a risky online space. Contact us today for a consultation or quote.