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Cyber Liability Insurance

Why Cyber Liability Insurance Makes Sense (and How to Get Real Savings)

 

Today, experiencing an attempted cyber attack on your business isn’t a matter of “if” but “when.” Data incidents are on the rise, and they’re affecting businesses of all sizes and from all industries.

The financial repercussions of a cyber attack can be devastating. You may be left scrambling to recover lost data, repair damaged systems, and potentially face lawsuits from affected customers.

This is where cyber liability insurance is helpful. It provides a financial safety net in these difficult situations.

 

 

What Does Cyber Liability Insurance Cover?

Cyber liability insurance offers a comprehensive range of coverage, including:

  • Data Incident Response: Covers costs associated with responding to an incident, such as forensic investigations, credit monitoring for affected customers, and legal fees.
  • Business Interruption: Compensates for lost income if your business cannot operate due to a cyber attack.
  • Regulatory Fines and Penalties: Assists with any fines or penalties from government agencies or affected clientele following an incident.

Save on Your Cyber Insurance Premiums With Proactive Security

The good news is, implementing strong cybersecurity practices not only significantly reduces your risk of a cyber attack but can also lead to significant savings on your cyber liability insurance premiums. Here’s what you need to implement to accomplish that:

  • Multi-Factor Authentication (MFA): This additional security layer greatly complicates a hacker’s ability to access your systems, even if they have a password.
  • Segregated Backups: Regularly backing up your data to a secure, offsite location ensures swift data recovery in the event of an attack.
  • Regular Cybersecurity Training: Training your employees to recognize and avoid cyber threats is an effective way to prevent attacks.
  • EDR/MDR Solutions: Endpoint Detection & Response (EDR) and Managed Detection & Response (MDR) tools continuously monitor your network for suspicious activity to enable quick threat identification and response.
  • Patch Management: Updating your software with the latest security patches is needed fix vulnerabilities that attackers could exploit.

By taking these proactive steps, you’ll show your insurance provider that you have a lower risk profile, which could significantly lower your cyber liability insurance premium.

California Computer Options: Your Partner in Cybersecurity

Let’s face it, cyber liability insurance is expensive. Here at California Computer Options, we get that. We also get the importance of keeping your data safe.

That’s why we offer solutions that do double duty. By beefing up your cybersecurity, you can not only protect your valuable information but also significantly reduce your cyber insurance premiums.

Think of it as a winning investment. The savings you see on your insurance can easily cover (and likely exceed) any additional costs associated with upgrading your security.

Don’t wait for a cyber attack to happen. Contact California Computer Options today to learn more about our new packages and how we can help you improve your cybersecurity posture and save money with your insurance company.