Mark your calendars for our next webinar on April 5th at 11:00am PT! The webinar will cover all things cyber insurance — what it is, why you need it, and how you can work with Varsity to get the right technology in place to get accepted and lower your premiums. You won’t want to miss it — especially because all businesses and organizations are at risk. You can register here and continue reading to learn a bit more about cyber insurance before the webinar.
What is Cyber Insurance?
Nationwide defines cyber insurance as a type of insurance that covers your organization’s “liability for data breaches involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and health records.” It protects your organization’s data and assets, while also protecting the clients you serve. Cyber insurers provide multiple types of coverage, including first-party, third-party, and cyber extortion. You can even purchase add-ons such as crime policies and device coverage.
Cyber insurance will typically cover:
- Digital extortion, viruses and malware attacks, privacy breaches, denial-of-service (DoS) attacks, and website attacks
- Informing customers about a data breach
- Restoring personal information to affected customers
- Recovering compromised data
- Fixing affected computer systems
- Legal fees and expenses
- And more!
Why Do You Need Cyber Insurance?
It’s important to have a cyber insurance policy in place for several reasons. One of the major ones that cyber attacks are at an all-time high. In fact, Check Point Research (CPR) 2021 Cyberattacks report found that 925 cyberattacks occurred every week per organization across the globe. All businesses of all sizes across all industries are at risk, and cyber insurance can help.
Another important reason to purchase cyber insurance is that general liability insurance does not cover cyber-related incidents. You don’t want to get stuck thinking that your general liability coverage is sufficient — your organization needs a customized cyber insurance policy based on your unique risk.
Lastly, cyber insurance can help cover your legal fees and expenses in the event of a cyber attack. Legal fees are costly, so having an insurance policy in place is a great advantage, especially for small to medium sized businesses. Besides the legal fees, cyber attacks are costly as a whole. In their 2021 Cost of a Data Breach Report, IBM shares that breaches that occurred between May 2020 and March 2021 cost an average of $4.24 million. That price tag is detrimental to any business!
Work With Varsity
If you’re wondering how to go about getting cyber insurance, Varsity can help! We have been the go-to managed IT company for nonprofits and education organizations for over 20 years, so we can recommend the best insurance option for your unique needs.
We also understand ways you can lower your cyber insurance premiums. You can do this by implementing a variety of security strategies, such as:
- Utilizing Multi-Factor Authentication (MFA) to keep your accounts more secure
- Conducting regular penetration testing to check for weaknesses in your defense
- Encrypting sensitive data to protect your privacy and increase your customer’s trust
- Creating cybersecurity education to empower your team
- And more!
Varsity can assist your organization with all these strategies, and more. We know that security can be complex and difficult to understand, which is why provide you with a framework for cybersecurity. With our assistance, you will learn which services will help give you the best protection. We look forward to educating you more on cyber insurance in our upcoming webinar. You can register here, and we’ll “see” you there!
