Benefits of Cyber Liability Insurance
Cyber liability insurance is quickly becoming one of the most sought-after commercial insurance policies and for good reason.
Protect Your Business
Cyber liability insurance helps protect businesses against liability related to communicating or conducting business online. It can help you recover from an attack by covering legal costs, costs associated with data restoration and repairs, etc.
Previously, cyber liability insurance was aimed at large companies and enterprises due to the high cost of premiums and the complexity involved in determining a business’s security risk. Fortunately, times and technology have changed, and now businesses of all sizes can benefit from Cyber Liability Insurance.
While the coverage can vary based on several factors, here are some of the typical threats that cyber liability insurance addresses:
Cyber Liability Insurance Can Help with These Costs:
- Restoring or Replacing Lost Data
- Notifying Affected Parties
- Extortion Payments
- Reimbursing Lost Income
- Fines and Penalties
- Lawsuit Legal Defense
- Credit Monitoring
- Repairing Reputation
It’s Not About If It Happens, It’s About When
According to Kaspersky, 1 in 5 businesses have experienced data loss or exposure due to a cyber attack. Small businesses are often targeted because they generally have less robust cybersecurity protocols and frankly, are an easy target.
An Attack Costs A Lot More Than Just Data Lost
According to IBM, the average cost of a data breach in 2020 was $3.86 million, which includes $1.52 million in lost business, $1.11 million in detection and escalation costs, and $990,000 in response costs. In 2022, the average total cost increased to $4.24 million.
How Would a Cyber Breach Affect Your Business?
According to a recent report by Fundera, 43% of all data breaches involve small and medium-sized businesses and 60% of small businesses that are victims of a cyber attack go out of business within 6 months.
Higginbotham’s Cyber Liability Insurance
Sophisticated risks deserve sophisticated solutions. And every business, both large and small, has a unique risk exposure. This is why Higginbotham has partnered up with Chaos Cybersecurity to conduct security audits and provide detailed insight.
Where other cyber insurance providers offer little (if any) visibility into why a business was either approved or denied for cyber insurance, Higginbotham offers clients incredible insight into their security posture. Through Higginbotham’s partnership with Chaos Cybersecurity, businesses gain true visibility of their risks and vulnerabilities. Higginbotham basically puts the power back into their client’s hands by showing them what they see and providing options. The better the cyber posture rating, generally, the lower the premium. With detailed access to findings, businesses can decide whether to work on improving that score to reduce their premium or apply for insurance as is.
Step 1: Get a CyberSafe Assessment
The CyberSafe Assessment by Chaos Cybersecurity is an external assessment that pulls and analyzes data from over 1,000 sources. It comes with 12 months of continuous monitoring so you can be aware of any changes (good or bad) to your security posture
Learn more about the CyberSafe Assessment
Step 2: Apply for Cyber Liability Insurance
After the assessment, decide whether you’d like to apply for Cyber Liability Insurance or whether to work on improving your security score first. Having a lower score helps with reduced premiums and increase your chances of being accepted.
Learn more about Higginbotham’s Cyber Liability Insurance
Exclusive Deal for Customers of Higginbotham
Please enter your information below to learn more about the assessment and how you can save over 50%
