Cyber Security insurance helps companies remain vigilant as cyber risks increase
SECURA’s Cyber Security insurance provides recovery and expense coverage for costs associated with claims from cyber threats, attacks, and compromises.
Features of Cyber Security insurance
Also known as Data Compromise Response Expense, this coverage allows you and your business to respond when a data breach impacts customer information or business data is lost, stolen, or accidentally released. Services range from, but are not limited to, forensic IT review, legal counsel, public relations support, as well as coverages for costs to inform affected people.
Often deployed via phishing schemes and ransomware, cyber extortion typically holds your data and/or computer systems hostage in exchange for financial payment. With Cyber Security insurance, the cost of a negotiator or investigator is covered, as well as amounts paid in response to a credible cyber threat to the party that made the threat, to resolve that threat.
Misdirected Payment Fraud coverage will reimburse the amount of money fraudulently obtained as a result of deceptive communications, including emails, faxes, or phone calls by someone impersonating an employee or financial representative. If your business falls victim to an intentional and criminal deception resulting in a wrongful financial transfer, this covers the reimbursement of those funds.
Computer Fraud coverage provides financial reimbursement for the direct financial loss involving unauthorized access to your computer system by someone outside of your company that results in the sending or diverting of funds.
Telecommunications fraud coverage is defined as when an unauthorized party outside of your business gains access to your business telecommunications system and uses that access to establish fraudulent charges with your telephone service provider. This coverage provides reimbursement for the direct financial loss.
Network Security Liability covers costs associated with defense, settlement, and judgment arising from an action brought by third parties who allege specific injuries resulting from a failure in your business network security.
Electronic Media Liability covers the loss directly arising from an electronic media suit initiated by a third party who alleges the display of information on your business website resulted in infringement of another’s copyright, title, slogan, trademark, trade name, trade dress, service mark, or service name; defamation against a person or organization that is unintended; or a violation of a person’s right of privacy, including false light and public disclosure of private facts.
SECURA works with many types of industries, providing Cyber Security insurance solutions for businesses of all sizes.
Don’t see your industry listed? Have a conversation with your local agent to learn more about how SECURA Insurance is right for your business.
Disclaimer: Our updated Cyber Security coverage is not available on renewal policies prior to February 2, 2022.
Common Cyber Security insurance questions
What is Cyber Security insurance?
A Cyber Security insurance policy helps businesses cover the costs of recovering from a security breach or other cyber-related events, such as cyber extortion, data corruption, financial fraud, reputational loss of business, and more.
Who needs Cyber Security insurance?
If your business stores customer data like names, addresses, credit card info, or social security numbers, it must be kept secure. If you also earn revenue from European consumers or businesses, you may need to follow the General Data Protection Regulation (GDPR). Talk to your insurance agent about managing and protecting customer data.
What does Cyber Security insurance cover?
Cyber Security insurance may cover legal costs, notification expenses, civil damages, computer forensics, data restoration, reputation damage, cyber extortion threats, investigator or negotiator costs, and any ransom payment made to eliminate the threat. For a detailed review of what Cyber Security insurance can protect your business from, speak with your local independent insurance agent.
Policyholder benefits that work
SECURA operates in 13 states with a variety of business insurance solutions, and we are proud to support the communities that have welcomed us for more than a century.