As cybercrime has been on the rise, more businesses are looking to Cyber liability insurance to help off-set the high price of a cyberattack disaster. However there are a number of factors that need to be met in order to even apply for Cyber liability insurance. That’s where Lockwood Moore’s team of experts can guide you through Cyber Liability Compliance.
It’s an insurance policy that provides a combination of coverage options to help cover the cost of data breaches and other cyber crime.
First-party coverage — the insurer pays the expenses incurred directly due to a security breach.
Third-party coverage — this policy covers damages or settlements that must be paid due to suits or claims for injuries resulting from the organization’s actions or failure to take action.
The average cybersecurity insurance claim cost for a small to medium enterprise is $345,000. The average cybersecurity insurance claim cost for an SME for a ransomware event is $485,000. The average claim for all organizations is $812,360.
We know the frustrations and pitfalls of cyber security compliance and can lead you through them to the other side, where you can get back to the business you love. We will work closely with your insurance carrier in a clear and transparent fashion, while also bolstering your IT security and fine-tuning your network. Don’t currently have an insurer that provides cyber security coverage? We know reliable, trusted companies, and we can provide you a hassle free experience.