Cyber Insurance and the Importance of This Protection in 2023

Cyber insurance is an area of focus for many companies across the United States and the world. The reason for this focus is due to the risk never being so high in this particular space. Cyber risk exists everywhere, and we must be ready when threats emerge. Whether you are in Coppell, TX, or abroad, cyber insurance is a real need that adds value. At The Select Insurance Agency, we can answer all questions you may have.

Who Needs Cyber Insurance

Cyber insurance is excellent for any company that handles or stores customer data. Even if you have proprietary information about your business stored on a network of any kind, it is also valuable.  

The Coverage it Provides

There are multiple levels of coverage that you get with a standard cyber insurance policy. The first is that it will help with the cost of notification to customers when there is a data breach. A big cost is associated with this, and cyber insurance covers how much you need to put out up to your policy limit.

Legal defense is another factor you need to take into account. Usually, with a cyber breach, legal costs roll in with mitigation and potential lawsuits. Finally, liability insurance can assist in the cyber insurance space. If you are liable for loss of customer data, you may face penalties and need to pay out to customers for the cost.

DFW companies must take cyber insurance seriously and know what it covers and who needs it. The Select Insurance Agency team can help provide education on cyber insurance and where it makes sense for your organization.