What Is Business Cyber Insurance?

Ransomware attacks are on the rise. In fact, 2021 saw over a 100% increase in ransomware over the prior year. Colonial Pipeline paid its hackers $4.4 million. The median cost of ransom has gone up to nearly $80,000, even for small businesses. Without cyber insurance, a ransomware attack could mean the end of your business. Here’s what you need to know about this coverage.

How Do You Get Cyber Liability Insurance?

Because of the rise in cybercrime, insurance companies want to know that you are doing your best to prevent cyber attacks. Here are steps your business can take to protect itself and make it eligible for cyber liability coverage:

  • Implement multi-factor authentication
  • Run background checks on your employees
  • Maintain and update your firewall and antivirus protection regularly
  • Have a computer use policy and VPN for remote work.

Regularly training your employees on the ploys of cybercriminals is probably the most important low-tech step you can take.

What Does Cyber Liability Insurance Cover?

Cyber liability insurance covers more than ransomware payments. It will cover the legal costs of a breach and help pay notification costs and fines you might receive under HIPAA or other government regulations.

Cyber insurance is your last line of defense, but one that holds the line between your business and the potentially crippling costs of a breach.