Cyber Insurance
For a typical small business, the average cyber breach response costs are $36k, but the average cost of cyber insurance is less than $2k/year.
- 2019 Global Cyber Risk Perception Survey, Marsh LLC
be well prepared
Smart risk managers transfer risk with cyber insurance. Cyber policies and coverages vary greatly by carrier and throughout the insurance stack. We can help you make sense of the cyber insurance offerings presented by the various carriers and help draft cogent, credible responses to cyber insurance applications.
Most credible cyber policies offer coverage for both first party losses and third party claims. First party coverage provides payments for expenses you incur to respond to a cyber incident. Third party claim coverage generally pays expenses and damages that you incur in defending a lawsuit or regulatory action resulting from an incident. We’ll help you select the best coverage from the scores of policies that are our there.
We also provide guidance on coverages and exclusions that may exist in your other policies. If you buy multiple policies from disparate carriers, we’ll help identify and close coverage gaps. Finally, when you’re faced with a scary security breach or a pesky claim, we can help to monitor your carrier’s response and defense to ensure that you’re getting the most out of your cyber insurance.
Look to us to help:
Select a knowledgable insurance broker, or help your existing broker navigate the cyber insurance options.
Find insurance policies that meet your specific needs.
Respond to cyber insurance applications and underwriting questions.
Establish the insurance limits, deductibles and premiums that fit your risk appetite.
Develop a methodology for reporting claims or circumstances to your insurance carrier.
Monitor your insurance carrier’s response to reported claims and, when necessary, represent you in litigation related to those claims.