Cyber Security Insurance

The world of business is ever-changing and dealing with increased threats of hacking and data breaches.  Ensure your business is properly covered with NOW Insurance Cyber Security plans. Get an online quote NOW.  Simple. Fast. Affordable.

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What is Cyber Security Insurance?

The business world is constantly implementing the newest, most cutting edge technologies to stay competitive. Unfortunately, as those advancements are introduced to your company, you also increase the risk of a potential data breach or other cyber crimes. Cyber Security insurance protects you and your company should your digital security be compromised and sensitive customer information is exposed. If you store sensitive personal information digitally, a Cyber Security policy provides you with an extra layer of security.

What Does Cyber Security Insurance Cover?

In addition to legal fees and expenses associated with pursuing any litigation as a result of cybercrimes or incidences, Cyber Security insurance will help cover a number of other costs to help you aid your customers throughout such an experience. Some of the most common claims covered under a Cyber Security insurance policy include:

Customer Notification

Informing any affected customers about a breach can be costly.

Restoring Personal Identities

If enough information was compromised and there was identity theft, you may be liable for the expense.

Recovering Data

Working to recover any compromised data may increase your business expenses temporarily.

Repairing Damaged System

If the breach resulted in any damage to a computer or software system, the costs to repair can be claimed.

Cyber Liability Level 1
  • Data breach expenses
  • Network Security
  • Privacy Liability
  • Regulatory fines and penalties
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Cyber Liability Level 2

Coverage in Level 1 plus:

  • Network extortion
  • Business interruption costs
  • Business interruption loss of profit and extra expense
  • Data Recovery / Restoration Expenses
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Cyber Liability Level 3

Coverage in Level 1 & 2 Plus:

  • Media liability
  • PCI fines, assessments
  • Reputational harm
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Why Do You Need Cyber Security Insurance?

Restoring Public Confidence
Having the correct cyber insurance coverage in place is critical to continuing business operations and restoring public confidence in your organization when an incident occurs. With the right insurance policy, you will have the support you need in order to respond quickly and help protect those individuals affected by a breach. Though it is often not required by state law, offering affected customers free credit monitoring can be considered a covered expense under your Cyber Security insurance policy and goes a long way in repairing your client relationships.

No Other Insurance Coverage
Despite what many believe, the scenarios and costs most often covered by a Cyber Security insurance policy are usually not considered as covered claims under any other insurance policy, including General Liability. A cyber policy will ensure that you are able to receive the assistance you need when you need it without any undue surprises. This coverage will help mitigate the risk of civil litigation and other penalties when a data loss or theft occurs.

Average Cost for Cyber Security Insurance

The cost of a Cyber Liability policy can vary widely depending on how big your organization is, what level of coverage you choose and how much cyber risk your business faces.

Notifying Customers of a Breach

In most states, it is legally required to notify your customers of any data breach which may have exposed their private, sensitive, personally identifiable information. This process can be very expensive, but with an appropriate policy in place, those costs and more will be covered so you can focus on restoring your relationships with your customers.

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