Cyber Security

Cyber Security Insurance

We currently live in a world when technology is the fastest evolving domain and we are witnessing a major shift in human culture to a more digital world. Although this is amazing, data breaches and other cybercrimes are becoming way too common now-a-days. Many industries, all across the board, have experienced data breaches in the past couple of years, which has results in major fines and legal fees, not limited to large corporations.

A data breach is very dangerous to a business as its damage affects more than just a computer system. It damages the reputation and puts customers and employees at risk which is why taking out cyber insurance is a smart precaution for any business, big or small.

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What is cyber insurance?

Cyber insurance is what generally covers a business’s liability for a data breach and typically involves any sensitive information held on customers. These include social security numbers, credit card numbers, account numbers, driver’s license numbers and any other information, including health records.

Is my cyber liability covered under the general liability policy?

Cyber insurance is often excluded from a general liability policy. The general liability policy covers property damage resulting directly from products, services or operations that take place as well as any bodily injuries.

What does cyber insurance cover?

Firefly cyber insurance policies help with legal fees and overall expenses as well as this following:

  • Informing a customer about a data breach
  • Restoring the personal identities of affected customers
  • Compromised data recoveree
  • Repairing damaged computer systems

It is now a requirement in most states to notify a customer when there has been any form of data breach involving personal identifiable information. This process can be very expensive.

Cyber insurance from Firefly

There are several types of cyber insurance coverages and services:

  • Cyber protection – which protects your business against any damages caused by a technical virus or computer attack in addition to the covering the costs of restoration and recreation of data.
  • Data compromise protection – this includes credit monitoring and services provided by a public relations firm.
  • Identity recovery protection – helping with identity fraud and restoring their credit history of victims.