Why You Need Cyber Insurance

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We can find coverage for:

Security Breach
Ransomware
Malware

FINANCIAL PROTECTION:  

Cyber insurance offers financial protection for businesses by covering the costs associated with investigating data breaches, notifying affected parties, paying legal fees, handling fines, and repairing or replacing damaged data or software.

LIABILITY PROTECTION:

Businesses may be held liable for damages resulting from a cyber incident, including lawsuits alleging negligence, privacy violations, or failure to protect sensitive information. Cyber insurance can cover legal defense costs and damages awarded to third parties in such lawsuits.

DATA BREACH RESPONSE:

Cyber insurance can assist in covering the expenses related to breach response which can be both costly and complex, including customer notification, credit monitoring services, public relations expenses, and crisis management to mitigate reputational damage.

COMPLIANCE REQUIREMENTS:

Michigan has implemented several laws and regulations concerning cybersecurity and data privacy.  The Michigan Identity Theft Protection Act (ITPA) mandates businesses to safeguard personal information and requires notification to individuals in the event of a data breach.  Additionally, Michigan requires businesses to notify affected individuals and the state attorney general about data breaches involving sensitive personal information, as stipulated by the Michigan Personal Data Breach Notification Law.  Cyber insurance can help businesses meet their legal obligations by covering fines and penalties resulting from regulatory violations.

Standard Cyber Insurance Coverages:

Breach Costs and System Failure:

 Covers costs to respond to a security breach, such as investigation, notification of affected parties, and offering support and credit monitoring services.  Also, in the event of data theft or damage due to computer system failure, Cyber Insurance will help cover the expenses required to recreate or recover the data.  

Cyber Extortion or Ransomware Attacks:    

Ransomware attacks and other forms of cyber extortion are increasingly common threats to businesses. Cyber insurance can cover ransom payments and expenses related to negotiating with cybercriminals, enabling businesses to regain access to their systems and data quickly.

Cyber Crime:  

This coverage protects against financial losses from social engineering, reverse social engineering, and funds transfer fraud. These crimes involve tricking individuals or organizations through electronic means, such as impersonating a boss, employee, vendor, or client, to deceive them into transferring money to an account controlled by the fraudster. (Social engineering is manipulating individuals to gain unauthorized access to information.)

Business Interruption:

This coverage compensates for the income lost if your company’s revenue is disrupted due to a technology failure resulting from malware, ransomware, or another malicious cyber incident.  (Malware refers to malicious software that damages computers.)

Electronic Data Restoration:

This coverage comes into play when a hacker accesses your computer and deletes or corrupts your data, or when you accidentally download malware that causes data deletion or corruption.  Cyber Insurance can help cover the costs of restoring your data.

Privacy Liability:

If your business faces a lawsuit due to a privacy breach, Cyber Insurance can offer legal defense for your business and coverage for settlements or damages.                                                                                                                                                 

Potential Savings to Explore:

Insurance discounts can differ depending on the insurance provider you select.  It is important to note that not all carriers offer the same discounts.

Flexi-Bundle™ & Save:

Flexi-Bundle™ Discount:  Combine up to four insurance products and select from up to four insurance carriers.

Frequently Asked Questions

Cyber insurance, also known as “cyber risk insurance” or “cyber liability insurance,” shields businesses from losses associated with computers or technology-related incidents. These incidents could include phishing or ransomware attacks, as well as situations where sensitive information is lost or stolen, such as through a misplaced laptop.  Phishing involves deceptive tactics where malicious actors impersonate legitimate entities, like companies or individuals, to deceive others into divulging sensitive data such as passwords or credit card numbers.

You may need Cyber insurance if your business:

  • Accepts credit cards or other digital payment types.
  • Uses computers and mobile devices like tablets or smartphones.
  • Collects or stores medical or financial data.
  • Stores confidential customer information.
  • Criminal proceedings:  Claims arising from or connected to criminal investigations, grand jury proceedings, or criminal actions.
  • Funds transfer:  Cyber insurance typically covers only those funds transfers associated with cybercrime coverage.  In other words, it generally doesn’t cover routine or unrelated financial transactions.
  • Infrastructure interruption:  Claims stemming from the failure or interruption of essential utilities like water, gas or electricity providers are not covered.
  • Intentional acts:  This includes fraudulent, dishonest, or criminal actions by the business or its employees, which are typically not covered.
  • Prior acts or knowledge:  Claims you had knowledge of before the policy period began are not covered.
  • Subsidiary outside control of named insured:  Incidents occurring in a subsidiary over which you don’t have majority ownership or control may not be covered.
  • Business interruption from systems under the control of third parties: If your business experiences a disruption due to a failure in a computer system owned by another entity, you may not be covered. However, there could be exceptions if the failure is linked to a dependent system failure covered by your policy.
  • Property damage:  Cyber insurance typically doesn’t cover physical damage to property. For example, if your computer or other physical assets are damaged due to a cyber incident, such as a data breach or theft, the cost of repairing or replacing those items may not be covered. Instead, this type of damage would typically be covered by a separate business owner’s policy that includes property coverage.

Hackers are relentless. A cyber-attack occurs somewhere in the world every 39 seconds. With over a million hack attempts per year, it’s clear that cyber threats are a constant risk. 

Several industries are subject to specific regulatory requirements regarding data protection and cybersecurity. Examples include:

  • Healthcare: The Health Insurance Portability and Accountability Act (HIPAA) in the United States imposes strict requirements on the protection of patient health information.
  • Financial Services: The financial sector is governed by regulations such as the Gramm-Leach-Bliley Act (GLBA) and the Payment Card Industry Data Security Standard (PCI DSS).
  • Legal and Professional Services: Law firms and other professional services companies may have obligations under various state and federal laws to protect client confidentiality.
  • Government Contractors: Companies doing business with government agencies often need to comply with regulations such as the Federal Information Security Management Act (FISMA).

Michigan has enacted several laws and regulations addressing cybersecurity and data privacy. Among them are:

  • Michigan Identity Theft Protection Act (ITPA): This law imposes requirements on businesses to safeguard personal information and requires notification to individuals in the event of a data breach.
  • Michigan Personal Data Breach Notification Law: Michigan requires businesses to notify affected individuals and the state attorney general in the event of a data breach involving sensitive personal information.

You have two payment options:

Option 1:  Click the Carrier tab, scroll to locate your carrier. Most carriers accept online payments via check, credit card, or ACH.  Click on your carrier’s name and proceed to make your payment.

Option 2:  Click the Customer Center tab. Scroll down to find the Input1 icon. Input1 offers digital payment options, including ApplePay and eWallet.  Click on the Input1 icon, log in, and make your payment. 

Report The Claim by Phone:

  • Click on the Carrier tab.
  • Locate your insurance carrier.
  • Use the carrier’s claims phone number to report the claim.

Report The Claim Online:

  • Click on the Carrier tab.
  • Use the carrier’s claims website link to report the claim online.

Absolutely. We use secure encryption technology to keep your personal information safe. When it comes to your application, we never pull your data without your approval first. We will also never sell your data to any third party…ever.

If you have questions, you can call, text, email, or live chat with a real expert at Insurish who is standing by to help. No matter how you contact us, we will get back to you immediately. For help, click the Contact Us tab.

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Please Note:

At Insurish, we provide general information on insurance products to help you grasp their different aspects. It’s important to note that this information isn’t an insurance policy and doesn’t pertain to any specific carrier’s policy. It doesn’t alter any provisions, limitations, or exclusions expressly stated in an insurance policy. Descriptions of coverages, discounts, and features are concise. For a comprehensive understanding of specific policy details, we recommend reading the applicable policy and consulting an Insurish agent. Coverages and features vary by insurer and state and may not be available in all states. Coverage for accidents or losses depends on the terms and conditions of the actual insurance policy. References to premiums, losses, deductibles, and costs are illustrative and may not apply to your circumstances. Insurish is not liable for the content of third-party sites linked from this page.