Cyber Insurance

Just about any organization that uses technology faces the risk of a cyber security attack. And as technologies we use become more complex and sophisticated, so do the threats we face. Therefore, today’s technology-driven organizations need a comprehensive cyber insurance policy that can help mitigate risk exposure by offsetting costs associated with recovery after a cyber attack.

At Atlas Underwriters, we understand that implementing cyber security measures in the face of increasingly destructive cyber threats continues to be a challenge for businesses. Therefore, we aim to assist them by providing tailored cyber insurance solutions that have been designed keeping the precise risks they face in consideration. Our expert insurance underwriters not only help businesses identify the risk of cyber incidents, but also enable them to transfer those risks through the purchase of a comprehensive cyber insurance policy.

Protect Your Business with Cyber Insurance

As corporations continue to modernize using cutting-edge systems and technologies, cyber security has become a major focus. Each day millions of businesses around the world depend on the internet to perform their services. A single data breach can disrupt operations and even shut down the company’s ability to service its customers. Ultimately resulting in damage to the organization’s image, reputation, and bottom line.

From small businesses to large multinational corporations, hackers do not discriminate. The number of cyber attacks has increased across all industries, along with the costs. According to the 2016 Ponemon Study, the average cost of a data breach is now at $4 million per cyber incident.*

Hackers are getting very sophisticated in bypassing security measures. Question is what to do once your system has been compromised.

Cyber Risk Insurance Policy Features

• Broad coverage options customized to fit your business
• Designed for small businesses to large multinational firms
• Flexible all-inclusive coverage triggers
• Tailored policies across a range of industries and business sectors
• Single coverage solution for all cyber risks

In today’s business environment, securing sensitive and confidential information is just smart business practice. Including cyber risk insurance as part of your company’s cyber security plan is critical to your long term success.

What is Cyber Insurance?

The term ‘cyber insurance’ or ‘cyber liability insurance’ is used to describe a range of policies related to information security related tools, services, and processes. The purpose of a cyber insurance policy is to offer coverage for losses relating to loss of information, as well as damage to IT systems and networks.

What Does Cyber Insurance Cover?

At Atlas Underwriters, we understand that every business faces unique cyber security risks. Therefore, we do not adopt a one-size- fits-all approach towards cyber insurance. Instead, we leverage our extensive knowledge and experience of the industry to devise a truly tailored solution that offers you the most comprehensive cover at affordable costs and favorable terms.

Depending on your cyber liability insurance policy, you can get coverage for the following:

• Cost of investigating a cyber attack
• Cost incurred due to damage or loss of digital assets, such as data, software programs, etc.
• Income lost due to downtime resulting from the attack
• Cost of reputation management
• Cost of notifying customers of a security or privacy breach

Exclusions

All cyber insurance policies have exclusions. Excluded items vary depending on the insurance provider you choose to work with, but generally include:

• Cost incurred due to breaches of protected information in paper documents
• Cost incurred due to loss of unencrypted data
• Cost of vicarious liability, for digital assets entrusted to a third-party provider when the breach occurs on the vendor’s system
• Fines and penalties imposed by credit card companies
• Cost of bodily injury and bodily damage

If you are looking for a comprehensive yet affordable cyber insurance policy but are unsure where to start, we can help. Our experienced underwriters will take their time to understand the risks you face and devise an insurance policy that fulfills your coverage needs and suits your budget.

To learn more about cyber liability insurance policies or to schedule an appointment with Atlas Underwriters, please call at (954) 318-7940.

* 2016 Ponemon Average Cost of a Data Breach