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What is Data Breach Insurance?

In a world where the majority of businesses use technology daily for their business operations, and where so much of our trading is done online, the need to buy data breach insurance is greater than it has ever been. Here, we outline what data breach insurance covers, who needs to buy data breach coverage, and we also explain the differences between cyber liability and data breach insurance policy options.

Who Needs to Buy Data Breach Insurance for their Business?

Many small business owners believe that larger businesses are those who remain most at risk of a cyber-attack. However, research demonstrates that a third of all cyber-attacks actually take place in companies with under 100 employees. If you are a business who processes client data or payments online, then you are at risk of a data breach, and you should consider buying data breach coverage for your company.

What is Data Breach Insurance Coverage?

Data Breach Insurance provides businesses of any size with coverage that can help prevent any undue financial stress in the wake of a data breach at their business. It provides insurance in the event an attacker was to try and hold a company to ransom, as it will typically cover the ransom costs while also helping you address the management of the problem as well. Other forms of support that are offered by a data breach insurance policy may include the hiring of forensic investigators, legal advice, and the provision of assistance to any of your customers who may have been impacted by the breach.

With the right support in place, your business will be able to recover from a data breach in the most efficient and effective way.

What Does Data Breach Insurance Cover?

Business data breach insurance will cover any costs that are associated with a data security breach at your business.  This includes coverage for PR, liability, and any protection solutions. In some cases, this will also give you coverage for the legal fees that are directly connected with the data breach.

There are numerous types of cybers attacks and data breaches that can be covered by a commercial data breach insurance policy. Not all data breaches will occur because of a malicious hacker; other forms of data breaches that are typically covered by this insurance include:

  • Theft of data by an employee
  • Data compromise by an employee
  • System malfunctions
  • Malware attacks
  • Employee errors
  • Ransomware

The amount of cover you have will depend on the type of data breach insurance policy you choose. If you are unsure about the best level of data breach cover you need to buy, then talking with a commercial insurance specialist can help you get the answers you need, and they will also give you an exact quote for your business commercial insurance requirements.

What is the difference between cyber insurance and data breach insurance?

The critical difference between cyber insurance and data breach insurance is that cyber insurance will provide additional coverage for the company’s IT equipment, along with covering the expenses of notifying any affected parties, any related PR costs, and the legal fees to cover any claims relating directly to the compromise.

Data breach insurance, or data compromise coverage as it is otherwise known, provides protection for a commercial operation in the event of a data breach at their business. This breach could include theft of data, the unauthorized disclosure of any personal information, or a compromise that means personal or sensitive data has gone from being secured to unsecured in a number of ways.

While data breach insurance will help the insured business meet their legal obligations, such as meeting the breach notification law requirements, and offer additional services to their business to help support its recovery; this type of policy will not typically provide coverage to repair any damage caused to any equipment or company systems.

Does Your Business Need Cyber Liability or Data Breach Insurance?

The majority of business owners understand the data they hold about their customers is a prime target for hackers. Any online operations can leave a company susceptible to an attack. The tactics of cybercriminals are continually evolving, and even with the best data security policies in place, there is always a chance that you will open to such an event.

Here are just a couple of examples of instances where your business would benefit from having data breach insurance.

  • If your company keeps any records that contain personally identifiable information, such as credit card or bank account numbers, medical records, social security information, addresses, email, date of birth, phone numbers and more.
  • Your company has a shared network, to which all employees have access. While convenient, it can leave your operation vulnerable should a virus get past your firewall.
  • If you allow employees to access company data from their own mobile device.
  • If you have remote workers who use their company IT equipment outside of the office.
  • If a member of the team was to lose a device that contained any sensitive company or customer data.

A data breach has the potential to cost a significant amount of money to any business, regardless of its size. Buying data breach coverage today can prevent you from having to suffer from significant financial stress in the event of such an incident. 

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