If you’ve ever signed into a Yahoo! or Microsoft account, there’s no doubt that your personal data has been targeted in "The Cloud". Though convenient, the ability to quickly view bank statements, automatically sign-in to services, and open documents from multiple devices has opened millions of American up to cyber threats and breaches. What many do not know is that these digital compromises may be entirely excluded from insurance coverage.
What is Cyber Insurance:
Cyber Insurance is in the Spotlight:
Ransomware attacks and data breaches are on the rise, targeting individuals and businesses. With tactics growing more sophisticated, the consequences are severe. Roughly 76% of small-to-medium sized businesses report an attack in the last year and 2023 stands to be the second-highest year of ransomware attacks in recorded history. Folks working remotely have become increasingly susceptible to cyber-attacks as well, leaving both homeowners and businessowners grasping for broader digital asset protection. Cyber insurance acts as a lifeline, easing financial burdens by covering recovery costs, legal fees, and PR efforts.
Who Needs Cyber Coverage?
Cyber insurance is for everyone, not just tech giants. Individuals and small to mid-size companies benefit greatly, especially those handling sensitive data or using cloud storage for financial information. Coverage includes online fraud reimbursement, data breach protection, and reputation restoration. These losses will be compensated for, as well as losses accrued from business downtime. Regardless of your digital shoe size, cyber coverage adapts to fit your footprint – small or large.
An Easy Recovery:
A cyber-attack's aftermath can be financially crippling, leading to bankruptcy due to fines, lawsuits, and operational downtime. Cyber insurance steps in, covering legal expenses, regulatory fines, and income loss during recovery. This allows you to focus on recovery, not financial struggles. If you or your organization’s information resides in the digital cloud, contact us below to see where cyber insurance can back you where you need it most.
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