Cyber Insurance 101

April 29, 2022
mins read

Cyber Insurance Coverage

Business cyber insurance can go a long way in recouping damages from a cyber attack as well as recovering losses for customers thus preventing the business from shutting down.

Typically, cyber insurance covers, but is not limited to:

  • Sending notification to customers about the breach
  • Monitoring and forensic analysis
  • Recovering data and personal identities
  • Legal costs
  • Cyber extortion
  • Regulatory fines
  • Third-Party damage
  • Media/Public Relations cost

“If you spend more on coffee than on IT security, you will be hacked. What’s more, you deserve to be hacked.” – Richard Clarke.

Why is cyber insurance important for SMBs?

The information age, pandemic-induced extensive digitalization, and hybrid work culture have paved the way for a new future. These technological advancements are multifaceted in that they benefit entities with all sorts of intentions.

Most SMBs do not have a dedicated IT team. For any online business, it’s not a matter of “if” but “when” you will be facing a cyber breach. It’s a widespread understanding that the greatest threat civilizations face today is not a nuclear threat but an ever-evolving cyber threat.

Cyber insurance is the go-to way for small businesses to focus on their core business while protecting against paralysis caused by cyber criminals.

Guidelines for choosing the right insurance

Insurance requirements vary for businesses across different industries as they may face other cybersecurity challenges. You need to ponder over a few questions before you set out to buy cyber insurance:

  • Do you understand your risks?
  • How much coverage would you need?
  • Do you understand the cost V/s ROI?
  • Is there Retention?
  • What is included and excluded from the coverage?

An excellent place to start when you want to understand inclusions and exclusions is referring to Federal Trade Commission (FTC).

Onboard? This is how we make buying cyber insurance spot-on and easy.

Here at Telivy, our focus is on providing bespoke cyber insurance to businesses fast, easy, and reliably. Telivy partners with a network of expert cyber insurance carriers who, in turn, compete for your business.

You get instant quotes to choose from, which provide you with the best coverage suited to your business and industry.

If you are a SaaS provider, you can go that extra mile to make your customers feel safe about sharing their sensitive data with you. You can offer them a bundled solution by embedding our insurance solutions seamlessly into your product.

Securing your business against a cyber breach is like the precious life jacket that has value when it lies passively under your chair; more so, when you must pull the string.

Automate your cyber security audits and monitor your security posture.

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