Cyber Liability Insurance
Simple and cost-effective cyber liability insurance options for businesses throughout the South Coast of MA & RI
You may have taken all the necessary steps to better protect your personal data and finances from scams, hackers, and malware, but perhaps you haven’t been as diligent in securing your company’s data. Today, however, investing in cybersecurity insurance really should be on every business’ top ten priorities list. That’s because as the number of malware attacks on individuals continues to drop, threats aimed at businesses like yours are exponentially increasing; by as much as 235% from year-to-year.
To secure your company’s data, knowing and understanding what specific types of cyber dangers are out there is certainly important. However, even if you were to invest in the most sophisticated technology to thwart today’s most pressing threats, a new cyber risk – or several – is likely to crop up tomorrow. Hackers are constantly evolving their strategies and uncovering even more ingenious and effective ways to infiltrate businesses like yours.
Nobody, not even cybersecurity experts, can truly anticipate the form that these cyber risks will take in the future. But what the team at HIG does know for certain is that this type of risk is here to stay. So, as your insurance partner, we want to do everything we can to help you try to keep incidents to a minimum through our thorough risk management approach. Once we uncover and evaluate your level of risk, we can assist you in finding the right insurance products to hopefully mitigate the impact to your company, your employees, customers and partners, and your reputation, should you ever experience a breach.
Simple actions that can help you secure your business from cyber threats today
In addition to participating in a thorough risk assessment, your company could benefit from taking the following simple, but smart steps:
- Perform regular software updates
- Perform regular backups of company data
- Create strong passwords
- Maintain quality antivirus software
- Conduct penetration testing to detect vulnerabilities in your network
- Always encrypt data that you are sending internally and externally
- Have a firewall in place to protect your website
- Make sure your e-commerce platform is Level 1 compliant with payment card industry data security standards
- Enable two-factor authentication
- Work with a hosting company that spots and patches up security vulnerabilities
- Use separate business and personal emails and even a different email for your personal banking
- Be guarded about what you allow to be uploaded or attached to your computers
- Allow employees to access only the data that is essential for them to do their jobs
- Secure physical property like laptops and cell phones by adding security cameras and alarms
Many of these actions are not so different from what you’ve probably already done to protect your personal information and accounts. The key, though, is to involve your employees in all of these data protection efforts. Since most data breaches are triggered by an employee unknowingly exposing their company to attack, it’s essential to train your employees on cybersecurity tactics such as how to encrypt data, create strong passwords, properly file and store data, avoid malware, and physically lock down computers and servers.
If a cyber incident occurs, HIG offers critical resources to get you back to business quickly
Despite being diligent with their cybersecurity measures, many companies can – and will – end up the victim of a system hack. It’s nearly impossible to keep your security measures 100% up to speed with constantly changing cyber threats. So, it’s crucial that your whole organization be prepared to respond quickly and efficiently in the event a cyber incident occurs.
Having the proper Cyber Liability Insurance policy in place is an essential element of an effective cyber attack response plan. Through HIG, you can choose from a variety of top-quality carriers, all who have superior cyber liability coverage options that should provide you with broad support pre- and post-incident, including:
- Loss mitigation services such as password defense programs, online cybersecurity education, and antivirus software for small businesses
- Coaching by legal experts who will gather critical information and resources to develop an appropriate incident response strategy
- Access to specialists in computer forensics, public relations, fraud consultation, identity restoration services, and more
- Breach expense coverage to pay for mailing notification letters to affected parties, credit monitoring services, the cost of defending yourself if you’re sued because of a breach, any civil awards, settlements, and judgments against you, and more
The ultimate goal of any cyber liability insurance solution that we design for you will be to get you back to normal business operations as soon as possible and with your business’ good reputation intact.
As your insurance partner, we cannot guarantee that a data breach will never happen to you. But what we can do at HIG is be the experienced team that you count on for help identifying ways to minimize the chances of a cyber attack and navigating any and all requirements and obligations you would have in the event of a breach.
Contact HIG today for more information about protecting your company, your employees, and your customers from one of the most serious threats to businesses today – cyber attack. We will first take the time to review all your potential risks and provide you with a thorough assessment. Then, based on this evaluation, we will be able to identify a wide range of cyber liability coverage and pricing options for you to consider. The HIG team looks forward to helping you make the best insurance decisions for all your business needs.