How the Best Cyber Insurance Comparison Tool Can Help You Find the Right Policy

As cyberattacks continue to increase in both frequency and severity, many small-to-midsize business owners don’t realize the risks they could face. A cyberattack or data breach can lead to devastating financial consequences and irreversible reputational harm. With technology involved in nearly every aspect of our lives, the opportunities for cyber criminals are endless. In addition, cyber risks and coverage can be complicated, even for agents and brokers.

This presents two challenges. The first is educating clients on their potential risk and why they need a cyber insurance policy. The second is navigating the complicated processes of finding the right policy through cyber insurance comparison.

Step 1) Educate Your Clients on the Necessity of Cyber Coverage

It seems like there is a news report on a considerable data breach or cyber hack every day. How could it be that business owners don’t realize that they are just as vulnerable?

They Find Cyber Too Confusing

And they’re not alone. Cyber security, risks, and coverages are all complicated and the fast evolution of cyber threats means that rules, regulations, and coverages all change rapidly. For a small-to-midsize business owner, trying to navigate the cyber world can be overwhelming. Without a full IT team or cyber specialist on staff, it’s often the owner who is faced with tackling their company’s cyber security plan. With so many other pressing tasks, risk management and cyber insurance often get pushed to the side.

They’re Not Aware of the Potential Damages

If business owners understood the true average cost of a security breach, they wouldn’t let their organization go another day uninsured. The cost of a cyberattack can force a small-to-mid-sized business into bankruptcy. Based on Kapersky’s 2019 IT Security Economics Report, cyber incidents can regularly cost over $100,000, even for a small business:

  • Third-party IT infrastructure incidents: $162,000
  • Cryptomining incidents: $115,000
  • DDoS attacks: $138,000
  • Electronic leakage from internal sources: $119,000
  • Malware infection of company-owned devices: $117,000
  • Inappropriate IT resource used by employees: $116,000

Without a cyber policy, business owners are forced to pay these expenses out of pocket and the costs can continue for years.

They Don’t Realize They’re at Risk

When we hear about cyberattacks on the news, they’re usually reporting on a multimillion-dollar corporation that has suffered an attack. However, just because you don’t often hear about small business owners coming under attack, doesn’t mean it doesn’t happen. In reality, the majority of cyberattacks prey on small businesses because they’re easy and fast targets. The attacks on large corporations are complicated, time-consuming, and often unsuccessful. Attacks on smaller organizations are much quicker and easier.

Step 2) Find the Right Policy Through Cyber Insurance Comparison

Once clients are on board with purchasing a cyber insurance policy, the process of finding the right policy to suit your clients’ needs presents its own challenges. Finding a provider to simplify this convoluted process can help brokers and agents locate the best possible cyber insurance policy for their clients, saving them time and resources.

ProWriters’ Cyber IQ Comparative Rate Portal, the best cyber comparison tool on the market, is a one-stop-shop designed to fulfill your client’s individual needs. Utilizing an efficient process for cyber insurance comparison benefits you and your clients in a number of ways.

Find the Right Coverage

Not all clients carry the same risks and require the same coverages and not all cyber policies are created equally. Reviewing the different costs, options, and coverages involved can be cumbersome and disconcerting. With the Cyber IQ Comparative Rate Portal, you can compare multiple quotes from multiple carriers, allowing you to locate the specific policy to provide superior protection for your clients.

Quote With Best Carriers

A man and woman, both in business professional attire, smile at one another while looking at a tablet. Your clients will be at ease knowing they’re in good hands. Through utilizing the Cyber IQ Comparative Rate Portal, your clients will receive insurance options with the best cyber insurers available in the industry, including:

Work Efficiently and Save Time

One of the biggest hurdles in comparing cyber insurance quotes is the time it can consume. This often requires agents to input the same information over and over, wasting hours upon hours. Instead, ProWriters has streamlined the entire process with the Cyber IQ Comparative Rate Portal. No need for repetitive data input. You can quote and compare coverages from multiple carriers in just minutes.

Rely on Expertise

ProWriters offers a dedicated team of experts with over 20 years of experience in the cyber insurance industry. Our goal is to save you time and allow you to offer your clients the superior service they deserve. We are always reevaluating, evolving, and optimizing our process to make it the most efficient and effective available in the cyber insurance marketplace.

Cyber Insurance Coverages

With the best cyber insurance policy in effect, your clients will be protected with a number of coverages, including:

First-Party

  • IT forensic costs
  • Notification costs
  • Credit protection costs
  • Crisis management costs
  • Crime and social engineering attacks

Third-Party

  • Costs related to a breach of Personally Identifiable Information, including:
    • Credit card numbers
    • Social security numbers
    • Bank account information
    • Personal health information
    • Sensitive corporate information
  • Third-party claims related to:
    • Breach of contract
    • Negligent protection of data
    • Network security breaches
    • Transmission of software viruses
    • Denial of service attacks
    • PCI assessments, fines, and penalties
  • Additional coverages
    • Multimedia coverage
    • Cyber extortion
    • Cyber business interruption
    • Hacker damage or digital asset damage

With ProWriters, you’ll save time in finding your clients the best possible cyber policy and your clients will have peace of mind knowing they’re covered, should a data breach occur.

To get started today, register with our Cyber IQ Comparative Rate Portal. Have questions? Contact us or speak with a ProWriters expert at 484-321-2335.