Cyber Insurance in Columbus, OH

Cyber insurance has emerged as a consistent staple of many businesses’ coverage portfolios. It should be no surprise, given modern workplaces’ increasing reliance on digital solutions and online technology. While these advancements can help businesses improve efficiency and pursue new ambitions, companies must also account for how such approaches can increase their cyber-related risk levels. The right policy is critical.

What Is Cyber Insurance?

Also known as cyber liability insurance and cybersecurity insurance, these policies live up to their name by potentially covering losses arising from data breaches and other digital incidents. Policyholders may have various opportunities to customize their coverage. Still, generally, they may be able to file a claim following many common cyber incidents, such as ransomware attacks and phishing scams.

What Does It Cover?

In the wake of a cyber incident, businesses can file a claim for financial aid. If approved, resulting payouts could be put toward an abundance of related losses and expenses, including the following:

• Incident response costs—Coverage might include aid for expenses related to notifying affected parties and breach investigation costs.

• Business interruption losses—Cyber incidents may require businesses to shut down servers or networks, but your policy may help recoup lost revenue that would have been earned during that time.

• Fees for outside help—Companies may need to hire a public relations firm or IT contractors following a breach, for which the right coverage may help pay.

• Noncompliance fines—Insurance may help cover fines issued by regulatory bodies for insufficient cybersecurity measures.

• Lawsuit-related expenses—If affected parties sue a business following an incident, its coverage may assist with attorney fees, settlements, judgments and other costs.

We’re Here to Help

Contact Slyman Insurance Group today to learn more about cyber coverage options or get a free and personalized quote.