Earlier this month, the infamous “Heartbleed” virus reminded all of us just how important cyber security is in our daily lives. And for those businesses managing our private information the stakes are even higher.
With all areas of commerce relying more and more on internet communication and transactions, it’s important that businesses take the proper steps to protect themselves from the costly fallout of a cyber breach. Let’s take a closer look at how you can be sure that you’re getting the best cyber insurance policy for your business.
Before choosing a cyber insurance policy, you should make sure that your insurance partner offers services that are in compliance with current cyber security trends and legislation. An educated insurance partner paired with a comprehensive data breach plan is an absolutely vital foundation for protecting your business.
What Should I Look For?
There are several considerations to pay attention to when shopping for cyber insurance:
- Stays On Top of Alerts & Trends
An ideal insurance provider keeps track of the latest security trends and alerts, as well as any changes to cyber legislation. This will ensure cutting-edge protection that evolves with the times.
- Strong Background in Cyber Liability
An insurance carrier that has a strong background and many years of experience with cyber systems for monitoring and responding to breaches is absolutely necessary to protecting your business. Just because a carrier is highly rated doesn’t necessarily mean that they are well-versed in the constantly changing ins and outs of cyber security.
- Carrier Rating
Look for insurance companies with an A-rating that have the capacity to handle large claims.
- Comprehensive Security Breach Response
Every insurance provider should have a swift and comprehensive security breach plan in place. The faster the response the better, as every minute counts when your data has been compromised.
- Dedicated Cyber Policy
These days, a cyber insurance rider added to a basic liability policy just isn’t enough. An aggressive breach plan attached to a dedicated cyber policy is the most ideal package to protect your sensitive data and ultimately, your bottom line. Without a complete cyber insurance policy, your business may be vulnerable to coverage gaps and disastrous costs.
ERM Insurance Brokers in Irvine, California stays on top of the latest cyber insurance trends.
Call (949) 222-0444 to speak with an expert.