{"id":56704,"date":"2023-01-09T06:45:02","date_gmt":"2023-01-09T11:45:02","guid":{"rendered":"https:\/\/insi.net\/?p=56704"},"modified":"2023-01-09T06:45:02","modified_gmt":"2023-01-09T11:45:02","slug":"should-you-get-cybersecurity-insurance","status":"publish","type":"post","link":"https:\/\/insi.net\/insi-articles\/should-you-get-cybersecurity-insurance\/","title":{"rendered":"Should You Get Cybersecurity Insurance?"},"content":{"rendered":"
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Cybersecurity Insurance goes by many different names; cyber insurance, ransomware insurance, cyber risk insurance, cyber breach insurance, and cyber liability insurance. In general, these insurance liability policies help protect business owners from the effects of cyberattacks and hacking threats.\u00a0<\/p>\n
In the past, cybersecurity insurance was heavily purchased by healthcare and technology companies.\u00a0 However, it is advised that any business that transacts Personal Identifiable Information (PII) over the Internet needs cybersecurity insurance. Examples of PII include:<\/p>\n
The list of PII goes on and on, but generally speaking, it is considered a breach if the data stolen reveals two or more PII that connects back to a single individual. A serious breach is when more than 500 individuals are affected, which have resulted in most states instituting breach notifications laws<\/a> to protect their citizens.\u00a0<\/p>\n Cybersecurity insurance does not protect you from getting breached, rather it minimizes the disruption to the business after a fallout by addressing, resolving, and helping you recover from an attack. However, you cannot shift all the responsibilities of a breach to the insurance company. If you want protection against getting breached in the first place, you should perform a risk assessment based on your industry or risks.\u00a0<\/p>\n A Cybersecurity Insurance Plan Only Covers Your:<\/p>\n It should be noted that it is not worth getting a cybersecurity insurance policy if you have not performed a risk assessment because they cannot be held liable for something you did not do. Therefore, it is important to get the appropriate risk assessment performed if you transfer, store, or access PII.\u00a0<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”https:\/\/insi.net\/advanced-cybersecurity-services\/complimentary-cybersecurity-consultation\/” button_text=”Inquire About a Risk Assessment Here” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Do you need a custom risk assessment performed? INSI\u2019s turnkey risk assessments not only identify your vulnerabilities but also address them. Contact<\/a> one of our risk assessment specialists 770-387-2424, option 2 to find out which program is best for you.<\/p>\n Deborah Frazier<\/a>\u00a0is the author of\u00a0IT Outsourcing Secrets \u2013 A Small Business Guide to Compare IT Support Companies.<\/em><\/strong> With nearly 20 years of experience consulting small and medium-sized businesses on their IT support needs, she brings a wealth of knowledge to INSI as Head of Marketing and Sales. If you like this article and would like to get notified when a new article is posted, click here<\/a>.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" What is Cybersecurity Insurance? Cybersecurity Insurance goes by many different names; cyber insurance, ransomware insurance, cyber risk insurance, cyber breach insurance, and cyber liability insurance. In general, these insurance liability policies help protect business owners from the effects of cyberattacks and hacking threats.\u00a0 Do I need Cybersecurity Insurance? In the past, cybersecurity insurance was heavily […]<\/p>\n","protected":false},"author":3,"featured_media":61346,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"What is Cybersecurity Insurance?\nCybersecurity Insurance goes by many difference names; cyber insurance, ransomware insurance, cyber risk insurance, cyber breach insurance, and cyber liability insurance. In general, these insurance liability policies help protect business owners from the affects of cyberattacks and hacking threats. \n\nDo I need Cybersecurity Insurance?\nIn the past, cybersecurity insurance was heavily purchased by healthcare and technology companies. However, it is advised that any business who transact Personal Identifiable Information (PII) over the Internet needs cybersecurity insurance. Examples of PII include:\n\u2022\tCredit and Debit Cards \n\u2022\tBank Account and Routing Numbers\n\u2022\tSocial Security Numbers\n\u2022\tMedical Records\n\u2022\tContact Information\nThe list of PII goes on and on, but generally speaking it is considered a breach if the data stolen reveals two or more PII that connects back to a single individual. A serious breach is when more than 500 individuals are affected, which have resulting in most states instituting breach notifications laws to protect their citizens. \n\nHow Does Cybersecurity Insurance Protect My Business?\nCybersecurity insurance does not protect you from getting breached, rather it minimizes the disruption to the business after a fallout by addressing, resolving, and helping you recover from an attack. However, you cannot shift all the responsibilities of a breach to the insurance company. If you want protection against getting breached in the first place, you should perform a risk assessment based on your industry or risks. \n\nA Cybersecurity Insurance Plan Only Covers Your:\n\u2022\tWritten and Implemented Network Security and Privacy Plans\n\u2022\tMedia Liability\n\u2022\tErrors and Omissions\n\u2022\tNetwork Business Interruptions\n\nIt should be noted that it is not worth getting a cybersecurity insurance policy if you have not performed a risk assessment because they cannot be held liable for something you did not do. Therefore, it is important to get the appropriate risk assessment performed if you transfer, store, or access PII.","_et_gb_content_width":"","footnotes":""},"categories":[34,18],"tags":[14,15,67,59,20,21,22,23,30],"yoast_head":"\nHow Does Cybersecurity Insurance Protect My Business?<\/strong><\/h2>\n
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INSI\u2019s Custom Risk Assessment Program<\/strong><\/h2>\n
About the Author<\/strong><\/h2>\n