Cyber Insurance

Cyber insurance is recommended for all businesses of all sizes regardless of their direct reliance on technology.  You do not need to be using technology to have a cyber exposure.

Who needs cyber? 

You need cyber insurance if you can answer yes to one of more of the following:

1. you have customers
2. you have a bank account
3. you have any information on anyone, anywhere (paper or technology)
4. you have a direct or indirect reliance on operational technologies or use vendors that do.
5. you are considered part of the 16 areas of critical infrastructure or use vendors that are.

A stand alone cyber policy is uniquely structured to protect a business by offering

First Party coverages (may include)

• Notification Costs
• Breach Costs
• Data Recovery
• Ransomware / Extortion
• Business interruption
• Contingent Business Interruption
• Bricking (equipment)
• System failure

Third Party Coverages (may include)

• Cyber and Network Security Liability
• Regulatory Fines and Actions
• PCI Compliance
• Media

Cyber Crime (examples)

• Fund Transfer Fraud
• Computer Fraud
• Social Engineering
• invoice Manipulation Fraud

Industry leading cyber carriers offer products that are agile and often evolving to meet the demands of the ever-changing threat landscape.

Cyber insurance for business of all sizes is available through your independent agent.

A cyber insurance policy may help your business with the following:

• Customer or employee privacy lawsuits
• Lost income due to network outages
• Regulatory fines from governing agencies
• Legal services that are required to meet state and federal regulations
• Payments to recover files after a ransomware attack
• Expenses related to communicating with customers after a data breach

How AUGIE is advocating for Cyber Insurance

• The “Who needs cyber” test is offered by leading cyber professional and AUGIE chair Keith Savino
• If you would like to be part of the discussion on cyber, please complete the AUGIE contact us form.