The Case for Cyber-Liability Insurance

Share on facebook
Share on twitter
Share on linkedin

CONTINUED FROM: In Search of Cyber-Safety

 

There is another defense against hackers: cyber-liability insurance. But, like a lot of tech trends, Southwest Florida tends to be behind the curve in adapting it, said Ryan Schmidt, partner with Gulfshore Insurance. “Every single business has exposure,” he says. “There’s always potential for a financial disaster. Those who have (insurance) tend to fare better.”

Policies vary by company, but cyber-liability insurance will typically cover things such as the cost of notifying clients about a breach and possibly paying for credit monitoring, paying to replace any damaged software, or even making efforts to repair the company’s image. This also extends to help pay for lawsuits or fines that may be filed against your company. And many companies will offer consultation services in advance to make sure your cybersecurity measures are up to snuff. 

Retail store policies can get more expensive, but other, smaller businesses can come across relatively affordable coverage that is rather broad. Get $1 million coverage for a little more than $1,000 a year, Schmidt said. Also, keep in mind that cyber-liability may or may not cover things including ransom paid in a ransomware case—that may have to fall under a different policy.

 

RELATED: Know Your Attacks

GET SOUTHWEST FLORIDA'S BEST VIEW OF BUSINESS STRAIGHT TO YOUR INBOX.

You May Also Like

Conric PR + Marketing

Marketing Moving Forward

The pandemic forced most businesses to change how they operate. For many, those changes were most apparent in their marketing. And now, as companies find...

A Piece of the Action

The first known franchises were kings and nobles who granted local peasants protection of the castle and the right to farm outside castle walls. The...

Calm Close at Hand

You don’t have to travel far to find peace and quiet; just carve out a small space in your home that will feel like a...

Norman Lutz,
CEO of Fort Myers-based Iron Ridge Insurance

The Pandemic Pivot

As the coronavirus forced Florida and the nation into quarantine in March 2020, companies large and small suddenly needed their employees to work from home....

Dan Pontefract, CEO and leadership expert

The Time-Management Myth

Dan Pontefract, CEO and leadership expert In many industries, the pandemic shifted the workplace into the virtual realm, as employees quickly switched from offices to...