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What is cyber insurance and why do you need it?



What is cyber insurance and why do you need it?

Cybersecurity insurance is a new and emerging industry. It originates in error and omission insurance (E&O), a separate form of insurance that protects against errors and deficiencies in the services that a company provides. E&O insurance is analogous to product liability policy for companies that sell physical or digital products. At Encharter Insurance, it is important to us that you and your company are safe during these new times. Read on to learn more about what cyber insurance is, how it works and why you need it. You can also call us at 413.475.7283 for more information, or fill out our quote form online today!

What is cyber insurance?

Cyber ​​Security Insurance, also known as Cyber ​​Liability Insurance or Cyber ​​Insurance is an agreement that an entity may purchase to reduce the financial risks associated with doing business online.

While some cyber insurance policies contain specific provisions for E&O, most providers sell these as separate and distinct insurance policies. E&O insurance does not cover loss of data from third parties, such as customer credit card numbers; Customers who need such protection can purchase a cyber insurance that covers it.

How does cyber insurance work?

Cyber ​​insurance helps cover the financial losses that result from cyber incidents and incidents. In addition, cybercrime coverage helps with reorganization costs, including payment for legal aid, investigators, crisis communicators, and customer loans or refunds. Vinson & Elkins discuss Cyber ​​Insurance 101 in this short video.

Why is Cyber ​​Insurance Important?

Loss, compromise or theft of electronic data can have a negative impact on a business, including loss of customers and revenue. Companies may be liable for damages resulting from the theft of data from third parties. Coverage of cyber liability is important to protect companies against the risk of cyber incidents, including those associated with terrorism. Cyber-risk coverage can help address cyberattacks and incidents quickly.

According to Thirdway.org, “Approximately 300,000 harmful cyber incidents are reported per year. Attacks cost the U.S. economy anywhere from $ 57 billion to $ 109 billion annually and these costs are rising. Cyber ​​risk is real and let's face it: almost everyone uses some form of cyber technology every day. At a time when e-mail is used for everything, and transactions often take place online, the cyber world is a great opportunity for criminals.

According to the Insurance Information Institute, “Insurance experts now believe that the risk of cybercrime losses outweighs the risk of fraud or theft. In this tumultuous environment, your business can take several steps to limit risks, including purchasing cyber-liability insurance. ”

Contact Encharter Insurance at https://www.encharter.com/ or call us (413) 475-7283 today to discuss your cyber insurance needs with an agent!

Source: https://searchsecurity.techtarget.com/definition/cybersecurity-insurance-cybersecurity-liability-insurance and https://prowritersins.com/ cyber-insurance-blog / how-does-cybersecurity- insurance work /

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Cybersecurity insurance is a new and emerging industry. It originates in error and omission insurance (E&O), a separate form of insurance that protects against errors and deficiencies in the services that a company provides. E&O insurance is analogous to product liability policy for companies that sell physical or digital products. At Encharter Insurance, it is important to us that you and your company are safe during these new times. Read on to learn more about what Cyber ​​Insurance is, how it works and why you need it. You can also call us at 413.475.7283 for more information, or fill out our quote form online today!

What is cyber insurance?

Cyber ​​Security Insurance, also known as Cyber ​​Liability Insurance or Cyber ​​Insurance is an agreement that an entity may purchase to reduce the financial risks associated with doing business online.

While some cyber insurance policies contain specific provisions for E&O, most providers sell these as separate and distinct insurance policies. E&O insurance does not cover loss of data from third parties, such as customer credit card numbers; Customers who need such protection can purchase a cyber insurance that covers it.

How does cyber insurance work?

Cyber ​​insurance helps cover the financial losses that result from cyber incidents and incidents. In addition, cybercrime coverage helps with reorganization costs, including payment for legal aid, investigators, crisis communicators, and customer loans or refunds. Vinson & Elkins discuss Cyber ​​Insurance 101 in this short video.

Why is Cyber ​​Insurance Important?

Loss, compromise or theft of electronic data can have a negative impact on a business, including loss of customers and revenue. Companies may be liable for damages resulting from the theft of data from third parties. Coverage of cyber liability is important to protect companies against the risk of cyber incidents, including those associated with terrorism. Cyber-risk coverage can help address cyberattacks and incidents quickly.

According to Thirdway.org, “Approximately 300,000 harmful cyber incidents are reported per year. Attacks cost the U.S. economy anywhere from $ 57 billion to $ 109 billion annually and these costs are rising. Cyber ​​risk is real and let's face it: almost everyone uses some form of cyber technology every day. At a time when e-mail is used for everything, and transactions often take place online, the cyber world is a great opportunity for criminals.

According to the Insurance Information Institute, “Insurance experts now believe that the risk of cybercrime losses outweighs the risk of fraud or theft. In this tumultuous environment, your business can take several steps to limit risks, including purchasing cyber-liability insurance. ”

Contact Encharter Insurance at https://www.encharter.com/ or call us (413) 475-7283 today to discuss your cyber insurance needs with an agent!

Chat with an Encharter agent about your insurance today:
413.475.7283
Fill in our quote form online

Source: https://searchsecurity.techtarget.com/definition/cybersecurity-insurance-cybersecurity-liability-insurance and https://prowritersins.com/cyber-insurance-blog/how-does-cyber- security-insurance-work /

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