The growth of digitization—going from analog to digital—continues to spread rapidly worldwide. Digital storage methods make it easier for businesses to store and access information; however, an increased risk of cyber stacks and data breaches also comes with it. While cyber threats are inevitable, you can protect yourself from financial burdens by obtaining cyber insurance. Our agents at Texian Insurance have been in the business since 1996 and are ready to help you get started with cyber insurance.

What Is Cyber Insurance?

Cyber insurance covers two main elements of cyber risks, first-party coverage and third-party coverage.

First-Party Coverage

Your coverage can protect you against company losses caused by a cyber attack or data breach. First-party coverage may include:

·        Cyber extortion

·        Loss of electronic data

·        Notification cost

·        Loss of income and additional expenses

·        Reputation protection

Third-Party Coverage

Your coverage can help protect against expenses due to the victim’s actions affected by a cyber attack or data breach. Covered costs may include:

·        Privacy breach and network security

·        Media liability coverage

·        Regulatory fines

What Does Cyber Liability Insurance Not Cover?

Although cyber insurance covers a majority of costs associated with a breach, some expenses aren’t included in your coverage, such as:

·        Loss of value due to intellectual property theft

·        Property loss

·        Personnel training and education

Reach out to an agent to discuss your coverage needs and your policy.

Who Needs Cyber Insurance?

If you run any part of your business in the digital space, you should consider cyber insurance. Cyber attacks can put you at risk for lawsuits if client information is compromised. Cyber insurance can protect you from claims filed against your business. Reach out to an agent if you’re considering coverage.

Get Started with Cyber Insurance Today

At Texian Insurance, we are ready to help you get the best coverage for your business’s needs. To get started with a cyber insurance policy, contact an agent today.