• Facebook
  • Twitter
  • LinkedIn
  • 713-587-2560
  • Contact
  • Request A Demo
Virtual-Q
  • IT as a Service
    • IT Support
      • Helpdesk
      • IT Consulting Services
      • IT Hardware Procurement
    • Desktop as a Service
      • Secure Remote Desktop
      • High Performance Desktop
    • Infrastructure as a Service
      • Data Center & Cloud
      • Infrastructure Analysis
    • Disaster Recovery as a Service
      • Business Continuity
      • Disaster Recovery Plan
  • Cybersecurity as a Service
    • Risk Assessment
    • Intrusion Detection & Prevention
    • IT Security Compliance Services
  • Industries
  • Resources
    • Demos
    • Client Support
    • Blog
    • LinkedIn Articles
  • Testimonials
  • About
    • Leadership Team
    • Partners
    • Channel Partners
  • Partner Portal
  • Menu Menu

Cyber Insurance Coverage for Small and Medium-Sized Businesses

According to IBM, the average cost of a cyberattack for a small business is nearly $3 million. How can you protect your business from costly data breaches? Cyber insurance coverage might be the solution you’ve been looking for.

Do You Need Cyber Insurance for Your SMB?

According to a National Cybersecurity Alliance study, about 60% of SMBs shut down within six months of experiencing a cyberattack or data breach—which makes cyber insurance coverage valuable for any SMB. Small businesses are one of the most vulnerable targets of cyberattacks because they often don’t invest in cyber protection.

You need cyber insurance coverage if you want to:

  • Avoid losing money due to data breaches
  • Protect personal and sensitive information
  • Recover successfully after experiencing a cyberattack
  • Ensure the safety of customer information (credit card info, social security numbers, etc.)

This coverage helps protects SMBs from data and financial losses after experiencing:

  • Phishing attacks
  • Network hacking
  • Ransomware
  • Malware
  • Cyberattacks
  • Data breaches

To better understand which cyber insurance coverage is best for your small or medium-sized company, let’s explore the options available to you.

Cyber Insurance Coverage Options

There are two primary cyber insurance coverage types: liability coverage and first-party coverage.

Internet Liability Insurance

Cyber or internet liability insurance covers the financial and data losses your business experiences after a data breach. This type of cyber insurance coverage helps you pay for:

  • The ransom related to your cyberattack
  • Legal fees associated with customer and employee lawsuits
  • Lost income
  • Compliance fines
  • Public relations costs, as many companies have to hire a PR team after a data breach to mend their reputation
  • Settlement costs

If you store any of the following information, then you need internet liability coverage:

  • Customer information
  • Credit card numbers
  • Social security numbers
  • Personal information
  • Data on a cloud platform
  • Financial records
  • Addresses

Storing this information makes you a target for ransomware attacks and data breaches because cybercriminals aim for businesses that manage sensitive data. If you experience a data breach as a small business, customers will likely be frustrated and may take legal action for any of their stolen personal data. That’s why liability coverage is so valuable—it takes the burden of notifying customers and paying legal fees off your shoulders if a breach occurs.

First-Party Coverage

First-party cyber insurance coverage only covers losses directly related to your business. This insurance provides:

  • Credit monitoring
  • Risk assessments/vulnerability monitoring
  • Investigation of the cyberattack/data breach
  • Anti-fraud services
  • Communication with affected parties
  • Risk management/PR solutions

First-party coverage does not cover legal fees or lawsuit actions, making this coverage type ideal for small businesses that don’t store sensitive information or data on a cloud.

 Is your company compliant with cybersecurity insurance requirements?

Let’s Check

What To Look for in Cyber Insurance Coverage

When choosing your cyber insurance coverage, consider the following:

  • Does your provider offer legal support? Does your business require legal representation after a data breach?
  • What are the notification fees? What’s the cost for public relations support and liability?
  • Does your provider offer credit monitoring? If not, consider switching to a provider that does, as this can be a helpful tool for legal liability.
  • What are the regulatory requirements and fees?
  • How many third-party vendors do you work with? Do you store their information in a database? If so, how secure is that database?

Answering these questions will help you narrow down which type of cyber insurance coverage suits the needs of your business.

Need Help Finding Cyber Insurance Coverage That Suits Your Company’s Needs?

Virtual-Q offers compliance and support services for businesses looking for cyber insurance coverage. With over 12 years of experience and a 95% customer satisfaction rate, we’re equipped with the tools and knowledge to help you find the right cyber insurance.

We offer compliance solutions to ensure your business meets cyber insurance requirements related to your industry. Our expert team understands the complexities of cyber insurance coverage, and we’re prepared to help you find and implement a high-quality policy.

Contact us today to get started.

Share This Post

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn

Related Postings

Image of a business person using a protected computer

How Cybersecurity Compliance Affects You

Cybersecurity
Read more
January 19, 2023
https://www.virtual-q.com/wp-content/uploads/2023/01/Image-of-a-business-person-using-a-protected-computer.jpg 1250 2000 AbstraktMarketing /wp-content/uploads/2021/06/virtual-q_logo_w.png AbstraktMarketing2023-01-19 09:00:002023-01-16 20:13:04How Cybersecurity Compliance Affects You
Visualization of cyber attacks. Concept of data security. Computer protection_

The 5 Most Common Cybersecurity Mistakes

Cybersecurity
Read more
December 22, 2022
https://www.virtual-q.com/wp-content/uploads/2022/12/Visualization-of-cyber-attacks.-Concept-of-data-security.-Computer-protection_.jpg 1250 2000 Valeriia Mamleeva /wp-content/uploads/2021/06/virtual-q_logo_w.png Valeriia Mamleeva2022-12-22 09:00:372023-01-19 13:17:46The 5 Most Common Cybersecurity Mistakes

How Can an IT Help Desk Help me?

IT Support
Read more
November 21, 2022
https://www.virtual-q.com/wp-content/uploads/2022/11/How-Can-an-IT-Help-Desk-Help-me_.jpg 1250 2000 Ike Oji /wp-content/uploads/2021/06/virtual-q_logo_w.png Ike Oji2022-11-21 09:00:002022-12-13 00:10:01How Can an IT Help Desk Help me?

Categories

  • All About Virtual Q
  • Cybersecurity
  • IT Hardware Procurement
  • IT Support
  • LinkedIn Articles
  • MSP

Recent Posts

  • How Cybersecurity Compliance Affects You January 19, 2023
  • The Real Costs of In-House IT January 17, 2023
  • The 5 Most Common Cybersecurity Mistakes December 22, 2022
  • How Can an IT Help Desk Help me? November 21, 2022
  • How an IT Consultant Can Help You Navigate the Changing Work Environment November 1, 2022

Our Services

IT as a Service (ITaaS)

Cybersecurity as a Service (CSaaS)

Industry Solutions

 

Location

2245 Texas Drive Ste 260
Sugar Land, TX 77479

Get In Touch

Phone
Main Line: 713-587-2560
Helpdesk: 713-587-2500

Email
sales@virtual-q.com

Website by Abstrakt Marketing Group © 2022
  • Sitemap
  • Privacy Policy
Cybersecurity Questions All CEOs Must KnowThe Benefits of IT Help Desk Services
Scroll to top

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.

OKLearn more

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Accept settingsHide notification only
Translate »