Cyber Insurance for forward-thinkers.
Minimize financial loss in today’s digital world. Commercial cyber insurance can help your business recover faster so you can keep moving forward.
Cyber Insurance for…
- Tech companies
- Startups
- Law firms
- Healthcare
- Small business
- Financial firms
- Retailers
- Ad agencies
- Accounting firms
Cyber Insurance Basics
What is cyber insurance?
Cyber Insurance provides financial protection from technology-based risks. Even a company’s most basic operations can put it at risk for malware, cyberattacks, and data loss. That’s why the most resilient companies combine powerful cybersecurity solutions to protect against known threats with an effective cyber insurance policy to protect their company financially if a breach should happen.
For small to medium-sized businesses, insurance through Periculus Cyber offers peace of mind, business continuity, and financial security if an attack or breach occurs.
Who needs it?
You need cyber insurance if you are...
- Processing credit cards
- Accepting digital payments
- Collecting customer data
- Storing confidential information
- Storing medical and financial data
What does cyber insurance cover?
When you’ll be glad you have cyber insurance
What happened?
Malware was installed on the company network preventing the company from accessing its data and locking the files until a ransom is paid.
How cyber insurance can help.
Coverage provided by a cyber insurance policy may include ransom payments in the form of money, securities, or virtual currencies paid.
What happened?
A fraudster posing as a legitimate vendor emailed an employee of your company and tricked them into wiring money to pay a fake invoice.
How cyber insurance can help.
Coverage provided by a cyber insurance policy may include first party coverage against losses stemming from extortion and theft.
What happened?
A health club suffered a breach of member information and credit card data. As a result of the data breach, the business incurred costs related to investigations, defense, legal and cybersecurity consultants, and credit monitoring services.
How cyber insurance can help.
A cyber insurance policy can help cover the expenses associated with dealing with a data breach, including cybersecurity consulting, investigations, notifying affected customers, offering credit monitoring to those affected by the data breach.
What happened?
A local pediatrician’s office suffered a data breach that compromised their patient data. They followed an established post-breach response plan that included containing the breach by limiting further access and distribution of the data, performing an assessment and investigation of the incident, and notifying patients of the incident following HIPAA breach notification rules.
How cyber insurance can help.
Responding to a data breach can be quite costly. Cyber insurance can help cover the costs of notifying affected customers, patients or employees, offering credit monitoring to those affected by the data breach, and event handling the incident from a public relations standpoint.
What happened?
An attacker flooded the server of an ecommerce store with internet traffic to prevent users from accessing connected online services and sites. As a result, the company’s operations were halted for three days, suffering lost revenue and IT expenses associated with recovering the network.
How cyber insurance can help.
A cyber policy can help recover the financial losses associated with business loss of income and expenses related to resolving the network.
Why Periculus for cyber insurance?
Partnered with the best in the business
FAQs
NIST defines a cyber attack as “Any kind of malicious activity that attempts to collect, disrupt, deny, degrade, or destroy information system resources or the information itself.” It is also defined as “an attack, via cyberspace, targeting an enterprise’s use of cyberspace for the purpose of disrupting, disabling, destroying, or maliciously controlling a computing environment/infrastructure; or destroying the integrity of the data or stealing controlled information.”
According to Check Point Research, 2022 saw a 38% increase in global attacks in 2022 compared to 2021. According to Security Magazine, “The escalation of cyberattacks is attributed to more agile hackers and ransomware gangs who focused on exploiting collaboration tools used by remote workers and schools and educational institutions that shifted to e-learning during the pandemic, as well as a significant increase in attacks on healthcare organizations.”
A data breach is a security incident in which sensitive, protected, or confidential data is viewed, copied, stolen, transmitted, or altered — or otherwise used in an unauthorized manner. Data breaches range from coordinated attacks by individuals, organized crime, or national governments to accidental or careless disposal or leakage of data.
When an organization’s data is breached it can be quite costly. According to IBM’s 2022 Cost of a Data Breach Report, a data breach in the United States costs an average $9.44 million, over twice the global average.
A cyber insurance policy helps companies pay for financial losses incurred in the event of a cyberattack or data breach. Policies can cover costs related to investigations, crisis communications, legal services, and business income loss.
The cost of a cyber insurance policy varies across companies and industries. The best way to determine the level of coverage your business needs is through a risk assessment and consultation with a qualified cyber risk professional. Here at Periculus, we offer a free risk assessment tool to help determine the type and amount of insurance for your situation.
