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To help small and large business organizations recuperate from the damages caused by cybercriminals and other data breach sources, cyber insurance would be the perfect solution. Primarily, it covers the costs of breach investigations, customer assistance, crisis management, hiring a public relations firm, and a clean-up of damages due to cyberattacks.
However, you might ask, “How much cyber insurance do I need?”. Well, it usually depends on the degree and grievousness of the cyberattack and the value of data that’s been lost. The higher the damage, the higher would be the cyber insurance cost. The bigger the data loss, the bigger would be the cost.
Moreover, the amount or scale of cyber liability insurance you’ll need would be based on the size of your business and the level of risk you are exposed to.
If you want to identify how much cyber insurance you’ll be needing, it is highly recommended to initially gauge many things about your business. Are you vulnerable to cyber risks? Do you have any experience with minor cyberattacks? Is your company in need of cyber training for employees? These questions might help you discern how much cyber insurance you’re going to need.
A cyber insurance provider that can fulfill your business’s needs
Cyber Insurance Hiscox is an international insurance provider that renders a vast scope of policies for small and large business organizations. Also, one thing that makes Hiscox unique is that it offers cyber insurance for individuals.
Hiscox cyber insurance mainly covers your financial loss due to data breach, damage of reputation, costs of investigation, cyber incident response plan, business equipment replacement/restoration, and claims for non-GDPR compliance. They also offer assistance when it comes to communicating with professional IT forensics and public relations agencies.
Moreover, you can also modify your cyber insurance coverage. Other important protection such as corporate ID theft coverage, social engineering fraud security, and electronic thievery can be added to your policy if you wish to modify it, but additional costs would be charged.
How much will Hiscox cyber insurance cost you? The price of your insurance policy will also depend on your business size and your chosen coverage. That is why it’s much wiser to get quotes from different insurance agents so you can choose the best deal at the most reasonable price.
Get protected and well-equipped with Hiscox cyber insurance
Based on the report last year (2020), the global overall cost of a data breach had an average of $3.86 million. 52% of these data breaches last year were mostly caused by cyberattacks. Imagine losing money due to cyberattacks. That would be so depressing, right?
On the positive side, getting insured with Hiscox will serve as guaranteed protection for your business. They have an outstanding reputation and they work really well with other industry professionals and of course, with their customers. Your business will be in good hands.
Not only can they make your business safe and secured, but also make you and your employees well-equipped and knowledgeable enough to recognize and fight cyber threats. With the help of their online interactive program of cyber training called Hiscox CyberClear Academy, you and your business employees will be much more aware of cyber threats. This beneficial program helps your business prevent cyberattacks such as a ransomware and DDoS attack.
To wrap it up, you need to start focusing on the needs and the level of security of your business. In that way, you can easily know how much cyber insurance you will need. Just in case you’ve already evaluated your business’s needs and possible risks, Hiscox cyber insurance would be an ideal choice to get insured with.