Protect Your Data With Colorado Data Breach Insurance
In the event that personal identifiable information (PII) or protected health information (PHI) is lost or stolen, data breach insurance helps you respond to breaches in sensitive data. This is helpful for instances of hackers stealing information, as well as employees leaving their laptop in public.
Other Types of Cyber Insurance
Often, you can customize your data breach or cyber liability policies by adding additional coverage.
Business Income and Extra Expense Coverage
This insurance helps replace lost income if the data breach prevents you from running your business.
Prior Acts Coverage
If a breach happened before the beginning of your effective policy period, this coverage can help cover those claims.
Extortion Coverage
This insurance helps cover the amount you pay if someone takes your business’ data and demands a ransom.
Cyber Insurance Checklist:
Make sure that your cyber insurance policy includes coverage for the following:
- Data Breaches
- Cyber attacks on vendor or other third-party data
- Network Attacks
- Cyberattacks occurring outside of the US
You may also want to include a cyber insurance policy that will:
- Defend you in a lawsuit or regulatory investigation
- Provide coverage in excess of any other applicable insurance
- Offer a breach hotline
Cyber Insurance FAQ’s
What is First-Party Cyber Coverage?
First-party coverage protects your data, including customer and client information. Data breach insurance is a type of first-party cyber insurance.
What is Third-Party Cyber Coverage?
Third-party coverage generally protects you from liability if someone brings a claim against you. Cyber liability insurance is a type of third-party cyber insurance
Are there different types of cyber attacks?
Yes: The most common types of cyberattacks are Trojan horses, phishing, unpatched software, and ransomware/malware.
How would I know if my business is being targeted?
Unfortunately, almost all businesses will become a target at one point or another. 46% of cyber breaches affect small businesses.
How much would it cost to recover from a cyber attack without insurance?
On average, a cyberattack would cost a business about $38,000 per year.
Want to keep your business protected? Schedule a free consultation with a Boxelder insurance expert to see how we can find the right policies for your company.