Cyber Insurance in Massachusetts

What is Cyber Insurance?

The Internet has changed the way people interact, both at home and for business. With an increasing reliance on cloud-based solutions, digital file storage, and high-tech solutions, Massachusetts businesses are facing an increased risk of cyber attacks. When sensitive information is stolen, the costs to your business can be enormous, and not covered by your typical business insurance policies. Cyber insurance helps to provide this unique and increasingly necessary protection.

Is Your Business Protected?In the course of doing business, you are privy to large amounts of sensitive data, including customer credit card information as well as customer and employee social security numbers. Any Massachusetts business that collects and stores this data digitally, such as your employee payroll information, is a prime target for a cyber attack. Criminals will break into your system to obtain this information which can be used or sold, compromising the identities and credit of yourself, your employees, and your customers.

When this happens, you may face fines, reputational harm, lawsuits, and more, costing your business tens or even hundreds of thousands of dollars. Cyber liability insurance can help relieve the financial burden of many of these expenses, allowing you to recover your business and support your affected employees and customers.

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Is Cyber Insurance seperate from other policies?

There are many types of insurance policies that you may have to protect your business against a wide range of risks, including theft. While a cyber breach is a form of theft, it is typically excluded from general liability, property insurance, crime, and other policies. If you are the victim of a cyber attack and do not have specialized cyber coverage, you probably have little to no insurance coverage to help you recover.

In the ever-changing landscape of technology, cyber crimes are difficult to police and protect against. A standard insurance policy cannot offer the full range of coverage you need to protect your business when an attack occurs.

Cyber Insurance: The basics for Massachusetts Businesses

Being the victim of a cyber attack is complicated. You need to notify the affected employees and customers, put credit monitoring in place, secure your system before you can reopen, and deal with any regulatory fines or penalties and lawsuits that arise. With a cyber policy, you can have much-needed assistance in dealing with many of the associated costs including:

- Forensic investigation
- Notification and credit monitoring for affected parties
- Legal fees for lawsuits related to the data breach
- Regulatory fines
- Fees related to extortion
- Third-party damages due to denial of service or data theft
- Business interruption expenses

Some policies require you to implement approved safety protocols to qualify for coverage. Your insurance agent can help advise you on these matters.

Affordable and Valuable Coverage

The cost of a cyber attack can be crippling for any business, large or small. With so much at stake, a cyber policy can provide valuable coverage at an affordable price. Your policy can be tailored to your risks, providing the specific coverage your business needs.

If you use the Internet or digital file storage as part of your business, you are at risk for cyber attacks. While you can take steps to improve your security and reduce your risk, a cyber policy can help provide financial protections if you are targeted. Massachusetts businesses stand to lose thousands to millions of dollars to cyber attacks -- move to better protect yours by speaking with your insurance agent about a cyber insurance policy.

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