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Compare Cyber Insurance Quotes From the Best Cyber Insurance Companies and get a Cheap Cyber Insurance in 2 Clicks

So you have found your dream gadget and now it’s time to compare and get the best cyber insurance policy online! A process that can be exhausting to deal with, confusing and expensive, yet a “must”, if you want to protect from hackers and technological breaches.

Luckily, Insuranks lets you compare cheap cyber insurance quotes and companies with confidence. Here you can educate yourself on the matter, read customer reviews and rank companies, and end up having the best cyber insurance coverage at the best rate from the best cyber insurance provider for your needs online.

Cheap Cyber Insurance Near Me

In our ever-evolving, tech-centric world, it is very important to ensure that your information, and that of your business, is protected from threats coming from many different directions. 

Before you get started, it is very important to understand more about cyber insurance, how it works, and the benefits of having such insurance coverage. How else are you going to make the best decision?!

In society today, individuals and businesses utilize technology in nearly every facet of operation. Mobile phone, smartphone, iphone, computers, laptops, watches, smartwatches, tablets, ipads, e-book readers such as kindle, car gadgets, pet gadgets, health gadgets and more allow for the quick and easy transport of messages, photos, schedules and details needed to keep both your life and your business on track. However, you do not want the person sitting next to you or perhaps someone halfway across the globe having access to this information... 

Unfortunately, as the prevalence of technology in everyday life grows, so too do threats to internet safety and privacy. To lay out some facts:

And if you are not already convinced about the need for cyber insurance plans in place in the event of a cyber-attack, IBM CEO stated that “cyber crime is the greatest threat to every company in the world.”

Luckily, as cyber-attacks are on the rise, so are cyber insurance options. Currently, there are over 80 cyber security companies in the market seeking to protect you and your business. 

Compare Cyber Insurance Companies Here

Get all the best quotes from leading providers in a click of a button!

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So, What is Cyber Insurance Exactly?

Cyber insurance is an insurance policy that helps cover the costs associated with cyber-attacks, hacking and data breaches involving sensitive and personal information of both individuals and businesses.

Typically, these types of damages are not covered under general liability policies which is why it is important to consider investing in a cyber insurance plan.

What Are The Types of Cyber Insurance?

In order to better understand cyber insurance, we can break it down into three main categories: cyber security insurance, cyber liability insurance, and technology errors and omissions insuranceLet’s explore them all in more detail:

1. Cyber Security Insurance (Privacy Notification and Crisis Management Expense Insurance)

Cyber Security Insurance exists to help reduce the loss your company faces in the event of a cyber-attack and to help your company get back on its feet. By getting a cyber security plan your company may benefit from some or all of the following: data recovery teams, investigation services, public relations manager, services that will notify affected individuals, and more.

2. Cyber Liability Insurance (Information Security and Privacy Insurance)

When a company experiences a data breach or cyber-attack and may face associated liability costs, a cyber liability plan will help mitigate the financial burden. The plan is particularly beneficial for online companies selling certain services or goods as well as companies that take in data electronically. Data breaches can occur from elaborate cyber-attacks or simply having a file stolen from the office. Either way, a cyber liability insurance plan will have you covered.

3. Technology and Omissions Insurance (Professional Liability Insurance)

95% of breaches result from employee errors. This type of cyber insurance helps mitigate the cost of negligence claims and lawsuits. It particularly applies to companies selling technology products as it protects coders and others involved in the process of developing potentially faulty software.

What About Personal Cyber Insurance?

Ensuring that your personal information is safe is just as important as doing so for your company. Certain personal cyber insurance plans cover the following: cyber-attacks, extortion, data breaches, fraud, and even cyberbullying. Unfortunately, the market for personal cyber insurance is still in its nascent stages, and thus the options for buying such a plan are typically limited to purchasing it as an add-on to an existing homeowners insurance policy. If you already have a homeowner’s insurance policy, talk to your representative to see if personal cyber insurance is an option for you. It is certainly worth asking: your data could unknowingly be in the hands of hundreds of strangers.

What is The History of Cyber Insurance?

Now that we have highlighted some of the primary types of cyber insurance, we will look more into its history:

Cyber insurance first appeared in the 1990s, covering limited damages including attacks on 3rd parties. Throughout the early 2000s, plans began to expand to cover data breaches but still did not cover 1st party damages. As time went on, extortion and damages began to be written into cyber insurance plans. A turning point in the cyber insurance world occurred in July of 2003, when the state of California in the United States implemented the CA Security Breach Information Act. The law mandated that California businesses notify individuals whose personal information was believed to have been compromised. As a result of this law, and subsequently similar ones passed in other states, 1st party coverages were created and included benefits pertaining to public relations, investigative tools, and information recovery. Since then, the business has only been booming.

So Now What?

So you have now read up and learned more about cyber insurance benefits and believe that it will be a beneficial move for you or your company. Great - we agree! After all, over half of cyber-attacks result in damages that cost $500,000 or more. Better to be equipped with the appropriate resource than to be doing damage control on your own. It is time to think about what your company’s more pressing needs are: protection against potential civil suits? Resources to help your team get back on its feet? Once you have done your due diligence, it is time to start comparing plans. Now you might be wondering how much a cyber plan will cost you… scroll down a little more...

Compare Cyber Insurance Companies Here

Get all the best quotes from leading providers in a click of a button!

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What Are The Costs Associated With a Cyber Insurance Plan?

The average cost of a cyber plan is around $1500 a year (~$125 per month). This number, of course, varies by the size of your business and the scale of your needs. Small business and companies that are not storing much personal information of their clients or employees will likely have the lowest cost cyber insurance plan. On the other hand, companies that are required to track social security numbers, birthdays, and other sensitive client data will likely want to invest a lot more in their plan.

Examples of these types of businesses would be anyone in the medical or banking fields. It is important to note, however, that while a cyber plan may come with a price tag, this prices tag is drastically less than the amount of damage and restoration bills needed to get your business back on its feet in the event of an attack. For example, small businesses that experience data breaches pay an average of about $35,000 undoing the damage$35,000! 

Summing it All up:

We hope you have learned a bit about cyber insurance from its benefits, to its history, and just about everything in between! Cyber insurance can provide your business with the necessary tools to rebuild in the event of an attack, restore lost information, get to the roots of the breach, and protect against the potential lawsuits that may result. Taking such preventative measures comes at a cost, but one that is far less of a financial burden than the cost of rebuilding. As technology becomes more complex, so too will cyber-attacks, and so too will the cyber insurance world evolve to meet the needs of those whom it is serving.

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