Cyber Security

Cyber security insurance is one of the fastest-growing liability lines in the insurance industry. This can be attributed to several factors: The threat of data breaches is increasing, and more organizations are realizing that they need protection against cyber-attacks. While many businesses may think that they don't need cyber security insurance because they haven't been hacked yet, it's important to remember that data breaches can happen at any time. In fact, many major companies have seen their systems compromised or entire databases stolen.

What is cyber security insurance?

Cyber security insurance is a type of coverage that protects you from the costs associated with a cyber-security breach. These costs can include the cost to investigate and repair any damage, as well as legal fees and potential reputational damage caused by the breach.

It's important to understand, though, that there are different types of cyber-attacks and that not all cyber security policies cover all types of attacks. For instance, some policies only cover data breaches while others also cover extortion, extortion-related extortion, extortion-based extortion, and other forms of extortion.

So if you're unsure which type of policy would suit your needs best, it's always best to talk with an insurance advisor who can help guide you through the process.

Who needs cyber security insurance?

Start by assessing what risks you currently face and how much coverage you may need. Your first step should be to identify the risks that are most likely to affect your business, as well as any potential losses you could suffer if those risks materialize.

Here are some questions to ask yourself:

• Do you process sensitive information?
• Do you store sensitive customer data?
• Do you handle personal information like social security numbers?
• Do you store any personally identifiable information (PII) in your systems?
• Do you have employees or contractors who access or manage your PII?
• Do employees or contractors use personal devices to access or manage PII?

No organization is alike, so coverage can be customized based on your needs. Your cyber insurance policy should fully align with your risk level, not only when it's taken out but also as it changes over time.

At Aspen Insurance Agency we are dedicated to offering you a variety of cyber security insurance coverage options to safeguard your business.

Contact Aspen Insurance Agency in Denver, Colorado today to request a quote and find out more information. We offer policies in the following states: Arizona, California, Colorado, Florida, Hawaii, Idaho, Illinois, Indiana, Kentucky, Michigan, Missouri, Montana, Nebraska, New Jersey, New York, North Carolina, Pennsylvania, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Washington, Wisconsin, and Wyoming.