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The Types of Incidents Cyber Insurance Covers

Cyber risks increase daily for businesses in Portland, OR, as criminals become more savvy in hacking into networks and computers to steal personal information and paralyze operations in hopes of getting a ransom payment. Insurance covering these risks has become a necessity, yet many entrepreneurs remain unsure about what a cyber policy covers. Einstein Insurance can guide you on the intricacies of a cyber policy and recommend one to suit your needs.

Cyber Insurance is Evolving

The world of cyber insurance is still new, so it continues to evolve as more risks become apparent. Comprehensive cyber policies cover three main areas of financial risk:

  • First-party expenses, including costs you would have to pay to cover losses related to data breaches or privacy incidents
  • Third-party expenses, which are the costs associated with defending liability claims and fines and penalties assessed by authorities
  • Cuber crime costs, dealing with financial losses directly resulting from criminal activities, including the theft of funds from digital fraud

Explaining Coverage

You may not be sure exactly what falls under first-party or third-party coverage, but when seeking a cuber policy, you want something to cover your operation. Look for coverage of data breaches that insures you against information theft, network breaches, incidents that occur online anywhere in the world, and defense for lawsuits emanating from data breaches. Additional coverage your policy should have includes legal counsel for notifications and regulatory obligations, recovery and replacement of data, lost income due to interruption of business, crisis management and public relations, extortion and fraud, forensic services investigating the breach, network business interruption, errors and omissions related to cyber incidents, and intellectual property infringement.

Because this coverage has evolved so quickly, reviewing your coverage with Einstein Insurance annually is a good idea. Contact our Portland, OR, office for the latest information.

Who Needs Cyber Liability Insurance?

You’ve undoubtedly seen the recent breaking news about largescale companies falling victim to cyber security breaches. If it happened to them, it could happen to you, too, and it would be an awful experience for both you and your customers. Einstein Insurance is here to provide Portland, OR entrepreneurs with coverage that can best protect their businesses against such attacks. 

Why Cyber Liability Insurance? 

Any place of business should prioritize protecting themselves and their customers’ information. A recent study found that 43% of cyber-attacks target small businesses. Most companies can be subject to cybercrime. You don’t want to leave yourself vulnerable to a damaging data breach.

Cyber liability insurance protects a business against financial losses caused by incidents related to network breaches and other cybersecurity issues.

Cyber liability insurance can be a vital protection to have in place for businesses that:

  • Sell goods or services online
  • Store important data virtually
  • Have a large customer base
  • Earn high revenue
  • Retain valuable digital assets

Without proper protection in place, you could be inadvertently exposing yourself and putting your customers at risk. It can be difficult to rebuild trust and recuperate lost income after a breach. The bottom line is you’ll want to have cyber insurance if you handle customer data or store information about your business online. Cyber liability insurance can safeguard your information from:

  • Data breaches
  • System hacking
  • Computer viruses
  • Phishing scams
  • Cyber security attacks
  • Compromised networks
  • Ransomware extortions

If any of these seem like acute concerns for you or your business, it could be worth further researching cyber liability insurance. Once you decide, make sure to find an insurance provider with experience in cyber liability insurance to put yourself in the best position against a costly cyber-attack.

We Are Here To Help!

To help your business find the best policy, contact our experts at Einstein Insurance. We proudly serve the Portland, OR business community.

Do you need cyber liability insurance in Portland?

Any business that operates in the Portland, OR area will find there are a lot of opportunities to be successful. However, there are unique risks that businesses face today that may not have existed in the past. One of these risks is the risk of being a victim of a commercial cybercrime. One way that you can protect your business and mitigate the risk is by getting a cyber liability insurance plan.

Benefits of Cyber Liability Insurance

Reduce Liability Risk

One of the reasons to have a cyber liability insurance plan is that it can help to reduce your liability risk. If you store or manage sensitive data, you are responsible to keep it secure. Unfortunately, if your systems are attacked and customers incur a loss because of data theft, you could be held liable. With a cyber liability insurance plan, you will get the coverage needed to mitigate this risk and concern. 

Ensure Compliance

Another reason that you should have a cyber liability insurance plan in place is to ensure you remain in compliance. Depending on the type of industry you are in, there could be rules and regulations in place surrounding cyber protection. Part of this can include ensuring you have appropriate insurance in place to offset the risk. With a full cyber liability insurance plan, you will have the appropriate coverage in place to mitigate this risk. 

As you are looking for a new cyber liability insurance plan in the Portland, OR area, you will find there are a lot of complexities and choices to make. If you are looking for a plan here, calling the team with Einstein Insurance is a good option. The professionals with Einstein Insurance understand this coverage and will give guidance that you need to build a new policy. 

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