Cyber Insurance

Get Cyber Liability Insurance for Data Breaches, Hacks & More

Data breaches, ransomware, and cyberattacks can disrupt any business, big or small. With cyber insurance, you’re protected against the financial fallout of stolen data, system outages, and regulatory fines. Whether you handle sensitive client info or run your operations online, cyber liability insurance helps safeguard your business from today’s growing digital threats.

What Does Cyber Insurance Cover?

A computer with symbols representing cyber hacking and that cyber insurance can protect from this.
Hacking
A computer looking bug to represent viruses and that cyber insurance can protect from this.
Malware or viruses
An letter with a hook to represent phishing.
Phishing
A magnifying glass and phone showing costs related to cyber breaches.
Costs related to breach notifications
A magnifying glass and a person showing public relation costs.
Public relation costs
A magnifying glass and a credit card showing credit monitoring services.
Credit monitoring service costs

Overall, the purpose of cyber insurance 1is to protect businesses from the financial impact of cyberattacks and data breaches. It pays for incident response, data recovery, legal fees, regulatory fines, and customer notification, helping your business stay prepared for today’s digital risks

What Are The Key Coverages of Cyber Security Insurance? 

Cyber security insurance, otherwise known as cyber insurance, typically include two main types of coverage: First–Party and Third-Party.

First-party cyber coverage pays for the direct costs your business faces after a cyberattack or data breach. This protection helps you recover quickly and minimize financial loss by covering: 

  • Incident response2: Hiring forensic experts to investigate and contain the breach. 
  • Data breach notification: Expenses to notify customers and employees, as required by law. 
  • Data recovery & system restoration: Restoring damaged systems, recovering lost data, and responding to ransomware demands. 
  • Lost business income: Compensation for revenue lost due to downtime from a cyberattack. 
  • Reputation management: Public relations support to repair your company’s image and reassure customers. 

Third-party cyber coverage protects your business from lawsuits, claims, and penalties brought by others impacted by a breach. This includes: 

  • Liability claims: Coverage for lawsuits from customers, clients, or partners whose data was compromised. 
  • Regulatory fines: Payment for penalties imposed due to non-compliance with data privacy laws. 
  • Legal defense: Attorney fees, court costs, and regulatory investigation expenses. 

What Is Not Covered For Small Business?

While cyber insurance protects against many digital risks, there are important exclusions small business owners should be aware of: 

  • Professional oversights: Errors in professional services are covered by professional liability insurance (E&O) .
  • Business property loss: Physical damage to hardware or other property, are addressed by a business owners policy insurance (BOP insurance).
  • Sales losses during business interruption: Lost revenue beyond the covered scope of downtime, often requires business interruption insurance.

Who Needs Cyber Liability Insurance?

Typically, any business that collects, stores, or processes sensitive information is at risk of a cyberattack and should consider cyber liability insurance.  

  • Companies of all sizes: Cyberattacks are common and can impact small businesses just as easily as large enterprises. 
  • Businesses handling sensitive data: Collecting customer information, medical records, or financial data makes you a target for hackers. 
  • Organizations that process payments: Companies that accept or process credit card transactions, online or in-store, face heightened risk. 
  • Small businesses with customer data: Even a single incident can lead to devastating financial losses, making coverage essential for survival. 

Why Cyber Insurance For Small Business?

Essentially, if your business operates online, processes payments, or stores personal information like Social Security numbers, cyber liability insurance is a must-have.

  • Protect sensitive data: Small businesses often collect customer information such as Social Security numbers, medical records, or credit card data, making them attractive targets for cybercriminals. 
  • Avoid financial ruin: Data breaches can cause devastating financial losses.  
  • Meet regulatory requirements: Industries that handle health or payment data must comply with regulations like HIPAA and PCI-DSS; cyber insurance helps ensure compliance and coverage. 

How Much Does Cyber Security Insurance Cost?

Generally, Gild Insurance clients pay about $110 per month for their cyber liability insurance coverage. Factors that may affect the cost of your cyber insurance include: 

  • Size and Industry 
  • Data Amount 
  • Claims History 

The best way to find your cyber security insurance cost is to get a free, online quote in minutes!

Get a Cyber Security Insurance Quote!

Your Gild Insurance Agent is here to understand your business and find the right coverage tailored to your needs.

For a free, online quote in minutes, try out Gildber! The fast, hassle-free option for a business insurance. 

1 Insurance Information Institute, Cyber insurance: a key part of a robust business strategy 

2 Federal Trade Commission, Data Brech Response: A Guide For Business