Your business is 9x more likely to be hacked than have a fire!
The majority of business owners don’t have Cyber Liability Insurance coverage even though the impact of a cyber attack can be significant. It is more important than ever to protect yourself and your business.
Small Businesses are Hacked Everyday
Myth: Cyber Hackers only attack large companies
Fact: 70% of cyber attacks are targeted at small to medium-sized businesses
Cyber Attacks Can Be Costly
In 2019 on average, 47% of small businesses that were attacked lost $17,000
On average in 2019, 63% of medium to large businesses that were attacked lost $184,000
Businesses with fewer than 100 employees are the target of a Cyber Attack 3 out of 4 times.
If the worst happens to your business, how would you respond? Would you be able to cover the costs of a hack?
4 Levels of Cyber-Attack Protection for Your Business.
Insurance + Training
Level 1 Membership and up
Protect your business with comprehensive liability coverage and a 24/7 breach response team. Also, increase employee awareness and support regulatory compliance with our Cyber Security Training Program.
Cyber Score & Cyber Alerts
Level 2 Membership and up
Further reduce your risk of being hacked with your own Cyber Risk Score. You’ll receive alerts to your Cyber Security Mobile app when your score changes, with the actionable insights you need to keep safe.
Managed Security Service
Level 3 Membership and up
Boost your I.T. team’s security without having to add expensive hires or costly technology. Count on our team of cybersecurity experts to provide 24/7 monitoring and protection of your network.
Managed Back-Up & Recovery Service
Level 4 Membership
Ensure your data is kept safe by having it backed up, replicated, and fully managed through our seamless backup and recovery solution. All data is stored securely on-premise and in the cloud.
We Take Cyber Insurance to the Next Level
With more employees working from home, your business defense system may be weakened.
Stolen laptops pose additional threats, as do rouge employees, professional hackers, spyware viruses, and data theft extortion.
Our Bauld Cyber Insurance provides online training for employees.
You have access to a Virtual IT team to boost and manage security.
Respond & Recover
You have 24/7 access to ransom experts and recovery support.
Frequently Asked Questions
What does Cyber Insurance cover?
First-Party Coverage helps cover expenses when your network is hacked or your data is stolen and can include coverage for:
- Cyber extortion payments
- Hiring experts to investigate breaches and assist with regulatory compliance
- Notifying affected customers
- Customer credit and fraud monitoring services
- Crisis management and public relations
- Business interruption expenses, such as the cost of hiring additional staff, renting equipment, or purchasing third-party services
Third-party cyber insurance offers protection when a client sues your company for failing to prevent a breach at the client’s business and can include:
- Legal defense costs
- Out of court settlements with clients
- Judgments you are obligated to pay after a data breach
- Other court costs.
Why does my business need Cyber Insurance?
When criminals infiltrate a network, steal data, or hold data hostage, the business they steal from can be legally and financially liable. As a business, you are responsible for your cyber security. One data breach can end up costing you thousands of dollars in customer notification expenses, legal fees, fines or settlements.
What are the most common types of cyber attacks?
Malware is malicious software that hackers use to bug, steal and control your data and systems through link clicks and attachment downloads.
Phishing involves the use of fraudulent emails to steal information or encourage malware downloads.
DDoS (Distributed Denial of Service) involves bombarding a business’ server with multiple simultaneous requests to stop it from fulfilling legitimate requests.
Does my Errors & Omissions policy cover me for cyber attacks?
It does not – but this is the #1 reason business owners think they don’t need Cyber Insurance.
Does all Cyber Insurance cover hacker ransom or extortion?
The short answer is not always – it’s something your broker should clearly outline and discuss with you. It provides coverage for extortion related expenses such as hiring a consultant or negotiator and repair costs if the recovered data is locked or damaged.
Is Your Business Well Protected?
You work hard to make your business successful. Find out how our Bauld Commercial Insurance Advisors can help you better protect your business.