Cyber Liability Insurance for Businesses of All Sizes
As companies expand their digital transformation efforts, they put themselves at increased vulnerability to cyber-attacks. While large corporate attacks garner headlines, small businesses are not immune from the risk. In fact, with generally less security and a more trusting atmosphere, smaller companies are becoming the path of least resistance for cybercriminals.
Cyber attacks can cost millions of dollars, even for small businesses, and many companies do not invest in protection until it’s too late. According to the Ponemon Institute, nearly 60% of small businesses will close permanently after facing a cyber attack. It’s a severe threat that general liability insurance often does not fully cover.
Ralph Wilson Agency is an expert at supporting companies looking to protect themselves from cyber risks. Our policies will consider your digital transformation strategies, security measures, and other indicators of your firm’s preparedness. We can help your company find the right policies to cover:
- Data breaches: Cyber liability policies will often handle the cost of security fixes, identity theft protection for those impacted, and possible legal action arising from the breach.
- Business interruption losses: Cyber attacks can cause disruptions to your business operations — costing time and money. Business interruption loss reimbursement may cover your loss of income and increased operating costs after a cyber attack occurs.
- Cyber extortion: Recoup costs related to ransomware and other malicious software.
- Support for forensic and legal services: After an attack, businesses need assistance from technical investigators and legal advisors. Some policies cover these costs following a cyber attack.
Data is different from physical assets, and general liability policies don’t often cover losses from data breaches. That is why it is so important to talk with cyber liabilities experts, like our team at Ralph Wilson Agency. We can help assess your current policies and options, so that you can gain peace of mind as your company evolves to meet modern technical needs.