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3 Types of Cyber Insurance You Will Need to Know About

Sep 23, 2022 3:27:30 PM

Cyber Insurance | CITE Tech

With the world increasingly digitized and cybercrime on the rise, companies cannot afford to overlook cyber insurance. If your business deals with confidential data in any capacity, you need to be aware of cyber insurance policies. 

Cyber insurance is designed to safeguard enterprises from the financial consequences of a cyber catastrophe that might jeopardize their future. It covers monetary losses resulting from events like data breaches, cyber theft, and ransomware.

While many times, small companies often lack the resources or financial flexibility that large businesses have, cyber insurance can be a great way to provide critical business protection in the event of a cyberattack, allowing them to recover quickly.

Types of Cyber Insurance & What They Cover

There are three primary types of cyber insurance:

1. Cyber Theft Insurance

Sensitive data is increasingly being stored online by businesses, which in turn raises the risk of cyber theft. To protect your company, it's essential to have insurance that covers this threat.

Businesses may purchase cyber theft insurance to protect them against financial losses caused by digital theft. This form of coverage can cover a variety of cyber theft situations, including first-party cyber theft, embezzlement scams, and payroll redirection frauds.

No business is exempt from the threat of cyber theft, no matter how big or small. If there's even a slim chance your data could be stolen, getting insurance for your company as soon as possible will help mitigate potential financial loss.

Learn more about cyber insurance tips by downloading our checklist!

Cyber Insurance for Small Businesses | Cite Tech

2. Cyber Liability Insurance

Cyber liability insurance provides compensation for third-party damages and losses, data breaches, regulatory penalties, credit monitoring and lawsuits.

Cyber liability insurance is a must-have for small enterprises since the financial repercussions of a cybersecurity breach can be more devastating than you may imagine. In the event of a cyber attack, don't panic. Having cyber liability insurance can help your business recover quickly and get back on track.

3. Cyber Extortion Insurance & Ransomware Insurance

Businesses may purchase cyber extortion insurance to protect them against ransomware assaults. This sort of coverage can assist with the payment of ransom fees, recovery expenses, and business downtime, among other things. It may also allow you access to a team of specialists that can assist with cyber extortion negotiations and forensics investigations.

Keep in mind that, even with the appropriate cybersecurity solutions in place, a cyberattack might still succeed. That's why having ransomware insurance is so vital. It can assist you recover from a ransomware attack while also reducing your financial damage.

Let’s Work Together to Ensure Your Success

The cyber insurance industry is always fluctuating, which makes it difficult to keep up with the changes. Different aspects can affect whether you're eligible for compensation after a cyberattack, and being compliant with your policy can be tiresome.

No matter what industry your business is in, whether it's construction, oil and gas, engineering, eCommerce, mining, or more, protect your digital infrastructure. 

Working with an IT service provider may assist you in determining your options and ensuring that you have adequate security in place, resulting in a higher chance of receiving comprehensive coverage.

Our consultation can help set you on the right path. With our experience, we are confident that we can answer your questions and get you started.

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ABout CITE TEchnology

Cite Technology Solutions strives to provide the very best in IT solutions.  

We provide comprehensive IT solutions for small and mid-sized organizations with complex needs. Offering 24/7 Tech Support, Remote Support and Cloud Storage. We specialize in data management, medical imaging, HL7 interfacing, and HIPAA compliance.


References

What Are Cyber Threats and What to Do About Them - https://preyproject.com/blog/en/what-are-cyber-threats-how-they-affect-you-what-to-do-about-them/

What is a Cyber Threat? - https://www.upguard.com/blog/cyber-threat

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