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Are you looking for cybersecurity insurance for your Florida business? Cyber security insurance can help financially protect your business in the event of malware, ransomware, and hacker attacks that can compromise your data security and leave your business, customers, and employees vulnerable to identity theft. According to an article in Forbes, the average cost of a data breach is 4.45 million dollars, and the primary way criminals are infiltrating businesses is through email. In fact, in 2022, compromised email accounts cost businesses a combined 2.7 billion dollars. The good news is that getting a robust cyber security insurance policy can help offset these costs if your network were to be infiltrated.
Which Businesses in Florida Need Cyber Security Insurance?
If your Florida business has any type of technology that’s connected to the Internet, you should have a cyber security insurance policy. In today’s world, payments are made over the Internet. Data is stored on hard drives. Customers place orders through websites, and even in-store cash registers have Internet connections that link to inventory systems. Not to mention, any time a customer swipes their card at your checkout, that payment is being routed through the Internet. While all of these Internet connections help run your business more efficiently, they can also expose your business to cyber threats.
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Cyber Liability Insurance Coverage in Florida
Cyber security incidents are only increasing in frequency, which means it’s not a matter of if your business will be attacked but when the breach will occur. Therefore, it’s best to be protected before the incident happens. Let’s take a look at what cyber liability insurance covers.
Cyber Liability Insurance
Cyber liability insurance helps cover your business if your customer’s sensitive information is breached during a cyber security incident.
Digital Forensic Investigations
Cyber security insurance helps pay for investigations into your discovered data breach. These services include uncovering the scope of the attack, the files that were compromised, and who performed the attack.
Legal Fees
If your customers sue you for the data breach that compromised their information, your cyber security insurance helps cover any legal fees and judgments.
Legal Compliance Help
The laws and regulations surrounding cyber security are always changing. If your business is found to be non-compliant after a security breach, a cyber security policy can help pay any fines and regulatory fees that are imposed by the regulatory agencies.
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Cyber Extortion
If your company is hit by a ransomware attack or if the hackers are holding your data hostage, this policy helps mitigate the costs of cyber extortion.
Notifying Customers
Once a security incident has been uncovered, the affected customers must be notified of the breach. Your cyber security insurance helps by putting out statements and notifying the affected accounts.
Recovering Data and Repairing Systems
Your insurance policy also helps pay for the costs of recovering any lost data and restoring damaged systems to their pre-attack conditions.
Identity Theft Protection
Cyber security insurance also helps pay for credit monitoring and identity theft. If any of the affected customers, employees or vendors’ data is used to commit identity theft, this insurance policy helps restore the affected individuals’ identities.
Loss of Business Income
After a security breach, your business operations may be impacted. The interruption may be due to having to take some of your systems off-line or because your business has to shut down temporarily due to the breach. Cyber security insurance can help reimburse you for any income you lose that’s related to the breach.
Lost Employee Wages
Cyber security insurance can help reimburse employees whose wages are impacted by the breach if your business has to close temporarily.
Public Relations
A single cyber attack can negatively affect your business’ image. This could cause current and future customers to lose trust in your services and products. Cyber security insurance can help mitigate some of the damage by carefully crafting all public responses and communicating with various third parties.
Pre-Breach Services
Some insurance policies also include pre-breach services. After all, the best way to mitigate cyber security threats is to take steps to prevent them. Some pre-breach services might include cyber-risk assessments, consultations with security experts, and cyber security training and best practices.
Cyber Security Insurance with Fearnow Serving Florida
If you need cyber security insurance, we can help you find the right policy in the right coverage amounts.
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