It is likely that your business has a significant online presence and regularly uses online platforms to engage with clients and vendors. From online ordering systems to automatic billing and credit card payments, most businesses depend on technology systems to be in place. Most business owners don’t realize the more online activity your business engages in, the more opportunities there are for cyber risks. Technology is getting more complex and sophisticated every day, which means the kinds of cyber-risks your business is vulnerable to, are also harder to prevent. As a business owner, you can protect yourself from damage by being prepared with cyber insurance.
What is Cyber Insurance?
Cyber Insurance is a type of coverage that protects businesses in the event of data breaches, phishing attacks, and other cyber security issues. When a cyberattack results in compromised data, you may be liable to notify affected parties. You may also lose money to a phishing attack or a ransomware demand or have to shut down because of a cyber-related event that prevents you from conducting business as usual.
What does THREE Cyber Insurance cover?
In the event of a cyber-attack, a cyber insurance policy will help cover the following:
- Lost income and business revenue due to a data breach
- The cost of notifying customers affected by a breach
- The cost of repairing damaged tech equipment
- Costs associated with recovering compromised data
- Cost of legal fees of resulting lawsuits
THREE also has you covered if you are unsure if you have been hacked. We provide access to a cyber-legal specialist to guide you through the steps to determine if you were hacked, and what to do next. This hotline is available to our policyholders for support.
