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As cyber threats and breaches increase across the world, you need to act to secure your business from the increasing dangers.
Of course, cybersecurity is an indispensable part of protecting your business from cyber threats. But cybersecurity will never be able to guard against every possible threat. Getting cyber insurance is the only reliable way to secure your company in the event of a cybersecurity breach.
Cyber insurance companies provide the coverage that your business needs. They offer many different types of corporate cyber insurance, and some even offer cyber insurance for individuals.
You can also contract with a cyber insurance broker that will help you find the right insurance policy. Or you could work with a cyber security provider that will provide different quotes from multiple companies so you can choose the best insurance solution for your business.
Entering the cyber insurance market, you must also consider the substantial cyber insurance market growth that has occurred, and how you can navigate that change as it permeates the global cyber insurance market.
With all these facets involved in cyber insurance, you might already be confused. Certainly, the cyber insurance market can be complex to navigate at times. But it has never been more important to find cyber insurance for your company. Your business is facing cyber risks continually, and you need the reliable protection that insurance provides.
Don’t let cyber insurance stress you out. You simply need to equip yourself with information on the types of cyber insurance available, the brokers and providers you can work with, and the status of the cyber insurance market in 2022. This information will help you make informed and careful decisions about what cyber insurance solution is fitting for your business.
Your destination may be achieving compliance in industry certifications such as SOC2 or ISO27001, but it doesn’t stop there. With Trava, our modern tools can help you bridge the gap between where you are and where you want to be by giving you the control to assess your risk, repair the most vulnerable areas, and transfer risk through insurance.
When considering your business’s cyber security, corporate cyber insurance must be a top priority. Even with a good security system, an unexpected threat could still occur, and then what would happen?
Without insurance, your company could suffer huge financial losses from theft and the cost of recovery after a cyber attack. You may even be forced to close down your business after a security breach.
Do not take that risk. Corporate cyber insurance can protect your business for when—not if—a cyber threat or attack happens.
Company cyber insurance will cover a variety of different costs depending on the plan you choose. In general, cyber insurance will cover the immediate effects of cyber attacks. Some specific things it could cover include losses of stolen funds, lost business income, cost of breach response, ransom payments, and computer replacement.
Corporate cyber insurance policies also might cover external response and remediation costs associated with a breach. This would include data recovery costs, court costs, customer reparations, crisis media relations, and the cost of hiring forensic specialists to find the source of the attack and fix the issue.
But some important coverage items you want your policy to include are ransomware coverage, social engineering coverage, coverage of all data breaches, and loss of income coverage for business interruptions. These things can incur steep costs, and without company cyber insurance, your business would be in trouble.
Cyber insurance provides the security your business needs though. When a cyberattack does occur, your insurance can help cover many of the costs and losses, and your business will be able to resume normal operations.
Just as your business faces cybersecurity risks, you personally face risks when doing anything online. These risks are somewhat different from the ones your business has, but they can still be costly when they occur.
For example, your personal data could be compromised, like your Social Security number, bank information, or credit card number. Then, a cyber criminal can steal your money, take out credit in your name, or many other costly actions.
You may have some personal cybersecurity, like personal device security, but that cannot protect you from every possible risk. Thus, some insurance companies offer cyber insurance for individuals.
These personal cyber insurance companies offer policies that will financially reimburse you for the costs associated with the theft of digital information and assets. Typically, cyber insurance for individuals will cover the costs of personal online attacks, ransoms, cyberattack investigations, and financial loss from fraud.
While you work diligently to protect your company with cybersecurity, you should remember to protect yourself as well. Personal cyber insurance companies are there to protect you from the inevitable cyber security risks.
You can't protect yourself from risks you don't know about. Enter your website and receive a completely free risk assessment score along with helpful information delivered instantly to your inbox.
So, you know you need cyber insurance for yourself and your business to protect against the risks you simply cannot prevent with cybersecurity. Where do you get cyber insurance though?
Cyber insurance brokers can help match your needs to the right cyber insurance policy and company. They will represent you and work with insurers to get coverage for a reasonable price. Cyber brokers often have connections with some of the largest cyber insurance carriers, but they are not associated with any insurance company, so they work hard to provide your company with the best coverage policy.
Below is a list of cyber insurance companies that some of the top cyber insurance brokers will work with:
It can be hard to choose between these cyber security companies, and they represent just a small sampling of all the possible cyber security companies your business could partner with. These overwhelming options make cyber insurance brokers highly valuable for your business. Brokers have the experience and knowledge necessary to guide your businesses through the multitude of insurance options and find the policy that best suits your situation.
Your company might also consider partnering with a service provider. These providers work like cyber insurance brokers in that they understand cyber insurance and can partner you with the right insurance company.
Security service providers also understand how to mitigate technology risks, so your company can be more protected from cyberattacks and even get a lower premium on your insurance. With that added service of risk mitigation, service providers may be an even better choice than cyber insurance brokers.
Trava Security is a prime example of a security service provider that you could partner with. We will enhance your security system to reduce your current risk and will help match you with the right level and type of insurance.
As you look at insurance service providers and begin to enter the cyber insurance market 2022, you need to understand some of the cyber insurance market trends so you can find a quality deal on your insurance premium.
The cyber insurance market has changed drastically in recent years. The industry used to be unknown, but it started to gain traction suddenly. As the market exploded, insurers were unprepared and did not know how to set accurate premium rates. They ended up setting their rates low, so they ran out of resources to cover the payouts, which were steadily increasing as cyber incidents occurred more frequently.
In 2020, the market began to harden as insurance providers increased their premiums. The cyber insurance market 2021 saw companies become more selective on what risks they will cover and premiums increased still.
Now, the cyber insurance market 2022 continues to evolve and harden. Policy providers add more underwriting to their policies that limit what risks will be covered and to what extent. The premium rates continue to climb. Companies seeking cyber insurance have to meet certain standards with their cyber security for providers to even consider insuring them against cyber risk.
In this hardening market scene, your company needs to proactively search for the insurance policy that meets your needs at a reasonable rate.
Trava Security can help your company navigate this evolving market scene and get the policy you need for your business.
We offer risk assessment and mitigation services to enhance your cyber security, which can help lower your insurance premium. We also partner will several insurance providers, so we can match your cyber risk to the right cyber insurance policy. When you use our services, we will work to make sure your business does not suffer heavy losses from a cyber security incident.
But don’t take our word for it. Book a demo with us today to see our services for yourself.
