Andrew Troi
I have had an incredible experience with Harrison Insurance and Jennifer in particular. She is true professional and handles all questions and concerns in a timely and kind manner. I’m so glad I switched my auto and renters policy to Erie and Harrison insurance.
Andrew Troi
2024-04-06
Madisyn Massucci
Jennifer has been nothing but helpful and cooperative during our correspondence.
Madisyn Massucci
2024-03-26
Kayla Courtois
Fantastic customer service! Very knowledgeable, patient, and friendly. We were a new business starting up with absolutely NO clue what to do. Fred made the process very simple and got us the coverage we needed in a field that is hard to get coverage in!
Kayla Courtois
2024-03-22
Thomas Sweeney
Used Fred for my executor bond, he worked with me over the phone as I was out of town to fill out the paperwork. The prices were much cheaper than anywhere else I found.
Thomas Sweeney
2022-12-27
bryan acheson
Fred and team at Harrison Insurance are awesome. I requested a review of my insurance coverage for my business and found that I was grossly under covered. Fred explained where I was needing additional coverage and why it was important. Needless to say, I'm now a client. Fred truly cares for his clients. I think my premiums basically stayed the same, for additional coverage I might add, but I would have been willing to pay more just for the service and knowing I was being taken care of. I highly recommend Fred for your business.
bryan acheson
2022-03-04
Kayla Furrow
Harrison Insurance is a great company to work with! I worked with Fred and the personal touch he adds makes you feel like you’re truly being taken care of, like you’re a part of the family. Fred never settles for the bare minimum, and if he sees something lacking in your insurance policy, he will tell you what he can do to fix it and what kind of options you have to make sure you’re covered in every area possible. Harrison Insurance is a small town agency, but their impact is huge. If you’ve got any kind of insurance, it is always worth giving Harrison a call and seeing where you can improve your coverage while lowering your rates. You definitely won’t regret touching base with them!
Kayla Furrow
2022-01-11

How Much Cyber Insurance do I need?

Cyber Insurance

How Much Cyber Insurance do I need?

In today’s digital world, cyber-attacks are becoming increasingly common and costly. According to a study by IBM, the average cost of a data breach in 2020 was $3.86 million. This is why cyber insurance has become a crucial component of risk management for businesses of all sizes.

But how much cyber insurance coverage do you actually need? In this article, we’ll explore the factors that determine the amount of cyber insurance coverage you should have and provide a cyber insurance coverage checklist to help you determine your specific needs.

Understanding Cyber Insurance Coverage

Before we dive into how much coverage you need, it’s important to understand what cyber insurance actually covers. Cyber insurance, also known as cyber liability insurance, is a type of insurance that protects businesses from financial losses due to cyber attacks and data breaches.

Cyber insurance typically covers the costs associated with:

  • Data breaches
  • Business interruption
  • Cyber extortion
  • Legal fees and settlements
  • Public relations and crisis management
  • Notification and credit monitoring services for affected individuals
  • Regulatory fines and penalties

The amount of coverage you need will depend on various factors, including the size and type of your business, the industry you operate in, and the potential risks and costs associated with a cyber attack.

Factors to Consider When Determining Coverage

Size and Type of Business

The size and type of your business will play a significant role in determining the amount of cyber insurance coverage you need. A small business with a limited online presence may not require as much coverage as a large corporation with a significant online presence and a large customer database.

Additionally, the type of business you operate will also impact your coverage needs. For example, a healthcare organization that handles sensitive patient information will require more coverage than a retail store that only collects basic customer information.

Industry and Potential Risks

Different industries face different cyber risks, and these risks will also impact the amount of coverage you need. For example, a financial institution may face a higher risk of cyber attacks and data breaches than a manufacturing company.

It’s important to assess the potential risks your business faces and ensure that your coverage adequately protects against those risks. This may require additional coverage for specific risks, such as social engineering attacks or ransomware attacks.

Cost of a Data Breach

The cost of a data breach can vary significantly depending on the size and severity of the breach. It’s important to consider the potential costs associated with a data breach when determining your coverage needs.

Some of the costs to consider include:

  • Forensic investigation and remediation
  • Legal fees and settlements
  • Notification and credit monitoring services for affected individuals
  • Public relations and crisis management
  • Business interruption losses
  • Regulatory fines and penalties

Cyber Insurance Coverage Checklist

To help you determine the amount of cyber insurance coverage you need, here is a checklist of factors to consider:

1. Industry and Business Size

As mentioned earlier, the industry you operate in and the size of your business will play a significant role in determining your coverage needs. Consider the potential risks and costs associated with a cyber attack in your specific industry and business size.

2. Cyber Risks and Vulnerabilities

Identify the potential cyber risks and vulnerabilities your business faces. This may include risks such as phishing attacks, ransomware attacks, or employee negligence.

3. Cost of a Data Breach

Estimate the potential costs associated with a data breach for your business. This may include costs for forensic investigation, legal fees, notification and credit monitoring services, and business interruption losses.

4. Compliance Requirements

If your business operates in a regulated industry, you may be required to have a certain level of cyber insurance coverage to comply with industry regulations. Make sure to consider any compliance requirements when determining your coverage needs.

5. Third-Party Vendors

If your business works with third-party vendors, it’s important to ensure that your cyber insurance coverage extends to these vendors as well. This will protect your business in the event of a data breach or cyber attack caused by a third-party vendor.

6. Cyber Insurance Policy Limits

Review your current cyber insurance policy limits and determine if they are adequate for your business’s needs. If not, consider increasing your coverage limits to ensure your business is fully protected.

7. Cyber Insurance Deductible

Your cyber insurance deductible is the amount you are responsible for paying before your insurance coverage kicks in. Consider your business’s financial capabilities and choose a deductible that is manageable for your business.

8. Additional Coverage Options

In addition to standard cyber insurance coverage, there may be additional coverage options that are specific to your business’s needs. For example, if your business relies heavily on technology, you may want to consider coverage for cyber extortion or business interruption losses.

Real-World Examples of Cyber Insurance Coverage

To better understand how much coverage you may need, let’s look at some real-world examples.

Example 1: Small Business with Limited Online Presence

A small retail store with a limited online presence may only need basic cyber coverage. This may include coverage for data breaches, business interruption losses, and legal fees and settlements.

Example 2: Medium-Sized Business with Moderate Online Presence

A medium-sized business with a moderate online presence, such as an e-commerce store, may require more comprehensive cyber coverage. This may include coverage for data breaches, business interruption losses, cyber extortion, and public relations and crisis management.

Example 3: Large Corporation with Extensive Online Presence

A large corporation with an extensive online presence and a large customer database may require the most comprehensive cyber coverage. This may include coverage for data breaches, business interruption losses, cyber extortion, public relations and crisis management, and regulatory fines and penalties.

Conclusion

In today’s digital landscape, cyber insurance is a crucial component of risk management for businesses of all sizes. The amount of coverage you need will depend on various factors, including the size and type of your business, the industry you operate in, and the potential risks and costs associated with a cyber attack.

By considering these factors and using the checklist provided, you can determine the appropriate amount of cyber coverage for your business and ensure that you are fully protected against cyber risks and attacks.

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