Cyber Insurance

Doing business in the 21st century means relying on internet-connected computer systems, handling personal information—and taking cyber risks seriously.

Ransomware attacks and other malicious cyber incidents can and do affect organizations of all sizes. Data breaches disrupt operations, lead to lost income and reputation, and can cost companies thousands and millions of dollars.

Cyber Insurance helps your business clients, including small businesses, mitigate their risks and have peace of mind.

At ProWriters, we help brokers find, quote, and sell Cyber Liability policies to meet their clients’ specific needs more efficiently and successfully.

Our proprietary platform gives you fast access to products from top carriers in the Cyber Insurance market. Not only our technology but also our dedicated, expert service can help you grow your book of business with ease.

Are you a business that needs a Cyber Insurance broker? ProWriters works with businesses and their insurance brokers / agents in all 50 states to help them secure coverage, quickly and easily. We can connect you with an appointed broker in your area.

What is a Cyber Insurance Policy?

A Cyber Insurance policy (also known as Cyber Liability Insurance and Cyber Security Insurance) protects organizations from expenses and financial losses due to a cyber attack.

General liability insurance policies generally don’t cover these costs, which can quickly add up and become more than most businesses can absorb.

What Does Cyber Insurance Cover?

Robust Cyber Insurance policies include a wide range of both first- and third-party coverages.

Businessman types on laptop computer, image overlaid with padlock icon and digital icons illustrating cyber security.First-party coverages, compensating the policyholder, include the costs of:

  • IT Forensics
    Determining exactly how a computer system was breached and what data was accessed, viewed, or exfiltrated (exported) is costly but crucial.
  • Notification
    Informing customers and clients, vendors, partner companies, and regulators about a cyber attack can be expensive, especially if the process involves running a call center.
  • Credit Monitoring and Protection Services
    Affected companies often provide credit monitoring to individuals whose customer information (birthdates, credit card numbers, and so on) has been affected in data breaches.
  • Crisis Management
    Organizations’ public response to data breaches and other incidents helps determine how quickly and fully they recover. The price of a good response—including media and PR firm costs—can be high.
  • Crime and Social Engineering
    Cyber criminals can use stolen credentials to transfer funds from an account or trick people via phishing emails or other social engineering methods into transferring funds to them. In either case, Cyber Insurance can cover the cost.
  • Cyber Extortion
    Extortionists may destroy, damage, or otherwise incapacitate the network or data of targets who don’t pay their demands. Cyber Insurance can cover ransomware payments, which are often the fastest way to decrypt data, restore systems, and return to business.
  • Cyber Business Interruption
    General liability insurance usually won’t cover business interruption for companies that heavily rely on the internet or their network for revenue. Cyber Insurance can. It may also cover dependent business interruption (when a mission-critical third-party service goes down) and digital systems failure due to power outages.
  • Digital Asset Damage
    Cyber Insurance can cover the cost of rebuilding websites, networks, and intranets, and of recovering or restoring electronically held data.

Third-party coverages apply to costs arising from claims made against the policyholder, including:

  • Breach of Personally Identifiable Information (PII)
    PII includes but is not limited to Social Security numbers, bank account information, credit card numbers, personal health information, and sensitive corporate data.
  • Breach of Contract
    When a cyber attack stops a company from meeting contractual obligations, a Cyber Liability insurance policy can offer protection from the financial fallout.
  • Transmission of Software Viruses
    Should an incident result in the affected company unwittingly spreading a computer virus, a strong policy will cover costs from the virus’ discovery to its removal.
  • Denial of Service (DoS) Attacks
    In DoS attacks, malicious sources overwhelm a network server with traffic, causing it to crash and keeping legitimate users from it.
  • Legal Expenses and Industry Fines
    Attorneys’ fees, court costs, and fines imposed under the Payment Card Industry Data Security Standard (PCI DSS) can all be covered by Cyber Insurance
What Are Additional Benefits of Cyber Insurance?

Each carrier’s policy comes with cyber risk management tools, which could include:

  • Businesswoman stands and points to the screen of her colleague’s laptop computer as he sits with it at the table.Access to risk management platforms
  • Consultation with IT security teams
  • Round-the-clock network scanning to discover and mitigate vulnerabilities before a cyber attack occurs

Policyholders also get access to a set of panel vendors including top IT forensic, legal defense, PR, and other firms. Their experience and expertise guide companies through each step of a cyber incident response.

Policies can also include multimedia liability coverage. It applies to claims of libel and defamation, copyright and trademark infringement, and others related to intellectual property.

What is Not Covered by Cyber Insurance?

Cyber Insurance generally does not cover:

  • Potential future lost profits
  • Loss of value through intellectual property theft
  • Technological improvements and upgrades
  • Losses incurred during the time deductible (“waiting period”)
  • Criminal activity by the insured
Is Cyber Insurance Worth the Cost?

The costs associated with responding to and recovering from a cyber attack can easily and quickly reach thousands, tens of thousands, and even millions of dollars. The cost of Cyber Insurance is a modest, wise investment in an organization’s financial health and viability.

ProWriters can help you find the best Cyber Insurance policy for your business clients of all sizes.

For small startups to middle-market companies, we offer broad liability coverage from multiple leaders in the Cyber Insurance market. Your clients get levels of coverage commensurate with their level of risk and don’t pay for more than they need.

For large, billion-dollar or more companies, we can obtain custom terms through long-standing partnerships with the top 30-plus Cyber markets.

Why Become a ProWriters Cyber Insurance Broker?

Registered ProWriters brokers have access to our proprietary Cyber IQ Comparative Rate Platform. Our innovative technology allows you to generate Cyber Insurance quotes from leading carriers, ready for side-by-side comparison, in minutes.

Our brokers also enjoy support from a dedicated team of experts who possess more than 20 years of experience.

Give yourself a powerful edge in today’s insurance market.

Register as a ProWriters broker today.

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