Blog

Why Your Business Needs Cyber Insurance (and What to Look For)

Why Your Business Needs Cyber Insurance (and What to Look For)

We get it—nobody likes to think about the prospect of being impacted by a cybersecurity incident, but it’s like any other unpleasant event in that it is best to prepare for it. In fact, today’s businesses can invest in a cyber insurance policy to help prepare for such an eventuality.

Let’s go over some of the ins and outs of cyber insurance so that you are prepared to make the best choice of provider for your business.

First of All, What Does Cyber Insurance Cover?

Depending on your provider, there are different levels of coverage that your business has to consider.

First-Party Coverage Helps Cover Your Direct Losses

Suffering a data breach is an expensive circumstance. In addition to the costs required to recover any data still available, you also need to consider the cost associated with your business’ downtime and the fees incurred by any investigative services you enlist.

Third-Party Coverage Takes Care of Your Clients and Business Partners

Chances are that a data breach won’t just impact data that pertains to your business, potentially also harming the vendors you work with and the businesses you serve. You will be responsible for trying to make it right, which will be a costly endeavor.

It is also important to mention that cyber insurance covers more than just cyberattacks. While you should check any policy you plan to sign, it isn’t uncommon for a cyber insurance policy to cover damages from any form of business interruption—and to also cover hard copies of your data. Don’t be afraid to confirm what your policy covers before committing to an extended agreement.

What You Need to Determine as You Seek Out Cyber Insurance

During your search for a cyber insurance policy, it will be massively helpful to have a few facts and figures ready. This includes things like:

What is it your business will likely need? As we said before, there are various costs that different insurable events will incur. Let’s say that your business accepts card payments, and therefore needs to abide by the Payment Card Industry Data Security Standard—except somewhere along the way, someone fumbled the ball and left your business noncompliant and subject to fines. Cyber insurance may help cover these costs, and that’s just one example. It will be important for you to identify all potential needs like this and go about your search with them in mind.

How much can you invest into your cyber insurance? This is the big question when it comes to any budgetary determination, of course, but it’s particularly important to consider when the potential costs are so high. Will you be able to maintain the premium costs so that you are protected from the cost of a disaster? What level of deductible is acceptable for your needs?

Does the provider actually cover all situations you risk facing? Cybersecurity costs span a wide, wide range. Let’s say you were to suffer a breach…not only will you need to pay to have the root cause sniffed out and eliminated, but there are also the legal fees that will likely be involved, the costs associated with the notifications you legally need to make to your contacts, the PR expenses needed to preserve some aspect of your reputation, and the credit monitoring services for those affected that are all included under the umbrella of cybersecurity costs. In order to cover your bases, you need insurance that can be used to offset all of these costs.

We can help you determine what level of cyber insurance is appropriate for your business, helping you find a provider that helps you cover these needs. Find out more by calling 603-889-0800.

Related Posts

For many years now, there’s been a bit of a fear of AI—artificial intelligence—in the workplace, all while it has been put into practical use more and more often in many businesses. This all ties back to the work of Alan Turing, who (amongst his acco...
For a long time, businesses that didn’t have any cybersecurity problems would never consider investing in additional cybersecurity tools. The decision-makers of these companies simply didn’t find it necessary; and many of them had a point (until they...
Simple passwords are often the bane of a business’ existence. If you routinely use strings like Password, 123456, Guest,  or Qwerty to secure an account, then you need to reexamine your password practices before they lead to a data breach. A goo...
While many small businesses shrug off cybersecurity needs as too expensive an investment for an organization of their size, this is a potentially catastrophic mistake. The fact of the matter is that small businesses are regularly targeted by cyberatt...
One of the big advantages that Mac computers have had over the traditional PC is that they “don’t get viruses,” but how true is this claim, really? Research conducted by Elastic Security Labs proves that this is certainly not the case, discrediting t...
With so many threats out in the world, it’s no surprise that some of them target undiscovered vulnerabilities. These types of threats use what are called zero-day exploits to make attempts at your sensitive data and technology infrastructure. What is...
It’s always good when a business looks to improve itself by adding new technology. This process can be immensely fruitful, but it can also go the other way and become costly time-sinks. Let’s take a look at what makes new IT projects such a volatile ...
Let me ask you a question: how much did you pay Google for your Business Profile? Unfortunately, if the answer was anything other than “nothing,” you’ve been scammed. Google has actually announced that they are taking legal action against scammers wh...
If you become the victim of a hacking attack today, how would the hackers go about it? Would they try to find vulnerabilities in your network and infrastructure? You need to do what you can to answer the questions surrounding the strength of your exi...
Passwordless authentication has been increasingly spoken of in favor of the typical password-based method, and is gaining traction the more it is talked about. Google recently took steps toward passwordless that we felt warranted some discussion....
With countless threats out there waiting for IT professionals to slip up, it’s no small wonder that many of these professionals are opting into what is called a zero-trust policy for their security standards. So, what exactly is a zero-trust policy, ...
Somehow, it’s December. Can you believe it?  2023 is practically upon us, and hopefully by now you’ve started to put some thought into how your business will maneuver through the next 12 months. It’s important to establish an IT plan and budget,...

Onsite Service Coverage Area

Although we provide remote services and support to businesses in over 20 states, onsite services are limited to within reasonable driving distance from our offices in NH.  We will manage a local vendor for locations outside of our service area to provide onsite assistance when needed.

 

Onsite Computer Support Services are available to businesses within 60 miles of Nashua New Hampshire. We have excellent onsite coverage from Concord NH, south through Manchester NH, and then down into Boston. From Northern and Central Mass, we cover from Worcester, east to the North Shore, including the Salem NH and Portsmouth NH area.

White Mountain IT Services

 


33 Main St, Suite 302
Nashua, NH 03064

 


121 Riverfront Drive
Manchester, NH 03102

 

Client Help Desk      603-889-2210

New Client Inquiries   603-889-0800

Open Positions