The frequency and intensity of cyber-attacks are expected to continue to rise causing significant changes in the cyber insurance market. The cyber insurance market has always been deemed “soft” making it relatively easy for businesses to obtain coverage at a reasonable cost. However, with increased cyber threats and the exponential growth of ransomware assaults the cyber insurance market has started to harden.
A cyber insurance policy, often known as “cyber risk insurance” or “cyber liability insurance,” is a financial product that protects businesses by covering expenses related to a cyber-related security breach or other comparable incidents.
Every organization regardless of size faces cyber risk. Privacy risk, security risk, operational risk, and service risk are the most prevalent cyber concerns. In general, Cyber Insurance offers a combination of coverage options designed to protect your business from the principal hazards of cyber liability exposure.
There’s a strong possibility you have a general liability policy if you own a small business (GL). It’s a tried-and-true method of safeguarding your company in the event of a disaster. However, there is a significant difference between general liability insurance and the need for cyber insurance. General liability insurance protects you and your customers for claims of bodily injury and property damage that occur during the course of business operations. Cyber insurance exists to defend you from persons deliberately attempting to harm your company and its consumers. As previously stated, small businesses are particularly appealing targets for cybercriminals as many do not have the same cyber safeguards as large companies.
The Armstrong Company understands the needs of businesses in our community.
As an independent insurance agency, we take pride in reviewing your options with multiple insurance companies and comparing protection and prices to find the best value for your business.
We’re committed to being an advocate for you and your business in times of need.
To talk with one of our helpful team members about your business insurance needs, contact us today.