Cyber Security Insurance Consulting Services
Proudly serving Spartanburg
Business Data Solutions is your trusted local company for Cyber Insurance Consulting services in the Spartanburg, SC area. Leverage our expertise and experience in cybersecurity insurance to ensure your business is adequately covered against such risks. Contact us today to speak to a Cyber Insurance Consultant.
As an organization, you can no longer afford to look at cybersecurity as an afterthought. Considering the risks that come with any form of breach, cybersecurity should be embedded in your policies and culture. But it does not end with a robust cybersecurity framework. Additionally, you should also have cybersecurity insurance in case the worst happens.
What Is Cybersecurity Insurance?
Cybersecurity insurance is also known as cyber insurance or cyber liability insurance. It is a cover that institutions purchase to act as protection against damages that may come about should your computer system or data being compromised.
Why Is Cyber Insurance Important?
Understandably, you may not be familiar with cyber liability insurance. This is because it’s a relatively new sector. While you may have a robust cybersecurity framework supported by the best IT experts, you may wonder whether it is essential.
Well, it is. This is because it’s not possible to achieve 100% cybersecurity protection. Moreover, hackers are continuously devising new ways to compromise your systems. So, should any incident occur, your cyber insurance policy will soften the blow.
Cyber Insurance Consulting Services
Cyber security threat exposure varies from one organization to the next. As such, it’s not about having cyber insurance cover but having the right cover, one that accounts for your unique needs. This is where we come in.
At Business Data Solutions, we understand how cybersecurity insurance works. With our knowledge and experience, we offer cybersecurity consulting services to help you determine the policies that are right for your business.
Your cyber insurance consultant will ensure that your policy covers losses in the physical world resulting from a cyber event. These include:
- Business interruption
- Physical injury to third parties
- First and third-party property damage
- Event management
- Products/completed operations coverage
- Network interruption
- Data restoration
- Financial costs to third parties
- Cyber extortion
What Does Cyber Insurance Cover?
Before getting into what protections a cyber insurance cover will offer you, it’s vital that you take the necessary steps to become eligible. As with other forms of insurance, your risk exposure is a critical factor.
Your cybersecurity status will be assessed, and the reports shared with insurance underwriters. They will determine whether you’re eligible or give you suggestions on the improvements you can make to qualify. Moreover, data from such assessments influence the rates and deductibles you get.
Some of the things that may come with cyber insurance coverage include:
- Forensic investigation – Should any breach occur, a forensic investigation will be conducted to determine the cause and how to prevent it from happening again. This process may involve the FBI and a third-party security firm.
- Business losses – Cybersecurity insurance can cover a host of losses that you may incur in the event of a breach. These include business interruption, losses due to downtime, crisis management, reputation damage, etc.
- Privacy and notification – Many jurisdictions mandate that businesses inform customers and other parties affected by the data breach. Your cyber insurance policy will have provisions for this.
- Lawsuits and extortion – Your insurance policy will cover legal expenses resulting from regulatory fines, settlements, and the release of intellectual property and confidential information. It also covers ransomware and cyber extortion costs.
Preparing for Cyber Security Insurance
As you know, cyber security insurance comes with protection against cyber threats. However, it does not mean that any breach is covered. As an organization, you still hold the responsibility of reducing or preventing such threats to a reasonable extent.
Some of the things your cyber insurance policy will not cover include:
- Preexisting breaches or incidents that occur before you get the cover
- Cyber events that result from the negligence of employees and other insiders
- Infrastructural failures that are not a direct result of a cyber attack
- Expenses for improving technology systems
- Failure to adequately address a known vulnerability
Get the Best Cyber Insurance Consultant
There are many things that come into play when taking cybersecurity insurance. This is why it’s vital to use the services of a reliable cyber insurance consulting company such as us. We have a team of experts ready to guide you through each step. So, get in touch with us today to ensure your cyber insurance adequately covers your company.