Cyber InsuranceOct 31, 2023
Cyber Insurance with THREE
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.
What kinds of cyber attacks can my business face?
Cyber Coverage is designed to protect businesses like yours. Here are some examples of cybercriminal activity that can be damaging to your business:
An employee falls victim to a phishing attack
One of your employees accidentally clicked on a link in a phishing email that appeared to be from a vendor. The hacker gets access to your entire server and you have to stop all activity on your website until you pay the ransom.
Your customers’ personal information is leaked in a data breach
Your computer systems contain payment information for all your clients including mailing and billing addresses, credit card numbers, etc. The system was hacked during an upgrade and you are now responsible for notifying impacted customers and could face potential lawsuits.
Why do I need Cyber Insurance?
Your data is one of the most valuable assets your business has. At THREE, we want to make it easier for you to protect your entire business. That is why a THREE policy automatically includes cyber coverage so you can feel confident your business has the protection it needs.
How do I get a quote?
THREE offers straightforward and comprehensive coverage that protects your business against most kinds of cyber risks. With THREE, you can feel confident that you already have the right insurance coverage to protect your business. Get a quote at threeinsurance.com and be covered the next day.