More information about cyber insurance
Cyber insurance for businesses is designed to protect against the variety of exposures resulting from a possible hack into the insured business’s databases. A cyber attack can lead to the loss or exposure of confidential information, the paralysis of website activity, major financial losses, and damage to the business’s reputation.
What does cyber risk insurance include?
- First Aid in case of a cyber attack – coverage in the first 48 hours (without a deductible) for consultations with information security experts, legal advice and crisis management
- Data breach coverage – liability for privacy violations and data leaks
- Handling of notification and response
- Expenses for regulatory investigations and fines (to the extent that these are permitted)
- Ransomware coverage
- Loss of income
- Expenses to prevent loss of income
- Electronic media liability – libel, slander, copyright infringement, etc.
- Reputation protection
The standard insurance policies that exist today (business insurance, professional liability, third party, officers, etc.) do not cover cyber attacks, and should a claim occur you will be exposed without coverage.
The benefits of purchasing cyber security insurance for businesses:
- Particularly broad coverage – coverage can be purchased for damages caused to first and third parties by the use of information, such as damage to reputation, crisis management expenses, financial damages, etc.
- Risk management and crisis management – exposures can be reduced and a significant portion of the risk can be transferred to insurers in exchange for a premium
- Even if a company does not have its own website, but uses computer services or cloud storage, it still has many exposures which should be insured
- Cyber liability insurance is affordable insurance (not as expensive as one might think)
Insurance through Madanes
Madanes is the largest independent insurance agency in Israel, and has been providing insurance services to thousands of its private and business clients for over 50 years. Madanes’ cyber insurance department is among the most professional in the field, and will be happy to put together a policy that will protect your business from the dangers lurking online.
