Cyber Insurance

In the age of technology much of our property is now located in the online space. This space is just as valuable as our homes and businesses and needs the same protection. Cyber Insurance policies are designed to protect businesses should they fall victim to hacker attacks or other forms of online mischief or catastrophe.

Nearly all companies now rely heavily on electronic information, which puts them at risk of losing business as a result of data loss, account comprise, network downtime, or being held liable by customers as a result of stolen personal data. Rebuilding client trust after a company’s system is hacked is a long and arduous process. Buffeted by stories of phishing attacks, spybots, and malicious viruses and worms, what responsible business owner wouldn’t be interested in turning a variable risk into a fixed cost?

Who Needs Cyber Insurance? If you use e-mail, have a website, networked computers, or store private customer data in your computer systems, you have a lot to lose. You may employ the safeguards of firewalls, virus protection, and anti-spam systems to protect passwords and prevent employees from downloading infected material, but these measures are not foolproof. When they fail cyber insurance kicks in.

Assessing cyber risk can be complicated, which is where our experts in Cyber Insurance can help you determine the best coverage for the electronic side of your business. Whether you have five employees or a thousand, Colony West will help you determine the best coverage for your level of cyber risk exposure.