Cyber Liability Insurance

A standalone cyber insurance policy provides businesses the protection against a variety of cyber incidents that they are faced with daily.  Included is coverage for data breaches, social engineering, and ransomware. Some business policies have an endorsement available for cyber liability, however, most often the limits are $100,000 which is too low to cover any cyber incident. A standalone cyber policy can provide limits up to $5 million depending on the coverage you select. Often times on a business owner policy that has the cyber liability endorsement claims are denied.  It is important to obtain insurance with a company that specializes in cyber liability insurance coverage. 

We all read or hear on the news about cyber attacks that seem to be happening on a daily basis.  As a business owner, just one cyber attack could put you out of business!  This coverage is a must-have!  

Have you ever heard the saying you can pay now or you can pay later?  Well paying for a Cyber Liability policy to get peace of mind in case of an attack and having the help of getting your business back to normal after such an attack is well worth the money you will spend on a quality policy.  Don't set yourself up to believe this will never happen to you! 

Most small companies do not have an IT department to monitor the computer system. 

1.) What would your company do if you were locked out of your computer system due to a        ransomware demand? 

2.) How will your company go on about daily operations? 

3.) What will you do about the money lost due to the interruption? 

 

These are some of the questions you need to address at your business.  Putting a cyber liability policy in place can help to mitigate your losses in the event of a cyber attack! 

                    Some statistics as of 2020

  • 43% of cyber attacks target small businesses.

  • 64% of companies have experienced web-based attacks.

  • 62% experienced phishing & social engineering attacks.

  • 59% of companies experienced malicious code and botnets.  

  • 51% experienced denial of service attacks.

  • Since COVID-19, the US FBI reported a 300% increase in reported cybercrimes.

  • Hackers are leveraging the opportunity to attack vulnerable company networks as office work moved to personal homes during COVID-19.

What coverage is available?  

At Rutherford Insurance Agency we work with an insurance company that specializes in cyber insurance.  This company delivers financial protection and coverage for a wide range of cyber incidents that impacts small and medium-sized businesses.  

 

Some of the coverage the policy provides protection for are:

  • Network incidents

  • Email scams

  • Ransomware

  • Cyber-crime

  • Social engineering

  • and more...

A policy can be tailored to the unique exposures of your business.  You will get answers such as:

  • Is my business as secure as others in my industry?

  • Where does my business face the greatest risk exposure?

  • Is my business exposed out on the dark web?

Ask us for a quote and let us get you a cyber policy started today!  

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