Cyber Security Insurance and Compliance for Businesses: What You Need to Know

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When COVID-19 lockdowns first began, many companies had to allow their workers to work from home. As more devices entered corporate networks, businesses faced more threats from outside hackers. These threats forced companies to increase their cyber security. 

But, sometimes your cyber security isn’t enough. Hackers may infiltrate your system and cause your company significant problems. So, what can you do when your security fails? 

The best thing to do is invest in a cyber security insurance policy. Cyber security insurance and compliance can protect your company from severe dangers. We’ll explore how this works in the guide below!

What Threats Does a Cyber Security Risk Entail?

The bigger a company is, the more vulnerable it becomes to outside threats. In general, the most common cyber risks include:

  • privacy risks
  • security risks
  • operational risks
  • service risks

These threats target specific aspects of an industry. For example, privacy risks usually threaten a customer’s information. For example, the health sector often faces data breaches that steal their customers’ medical data. 

Security and service risks can target several parts of a company, including process controls, human elements, and network vulnerabilities. Hackers who breach these systems can gain access to several parts of a company’s system.

Operational risks usually involve threats to a company’s information and technology assets. These threats affect a company’s confidentiality or its systemic integrity. 

How Does Cyber Security Insurance Help?

So, how does a cyber security insurance policy protect your business from these threats? Usually, a policy does this by providing four insuring agreements:

  • Network security/privacy liability
  • Network business interruption
  • Media liability
  • Errors and omissions

Each of these agreements protects your company from different threats. We’ll explore them in greater detail below. 

Network Security

Network security coverage protects your business in case of network security failures. In other words, it recompenses companies from data breaches, malware infections, and other threats. It does so by providing first-party expenses, such as your legal fees and data restoration cost. 

Network Business Interruptions

Sometimes, business networks shut down during the workday. This shutdown gives hackers a chance to breach the network. 

Luckily, network interruption policies restore funds lost to security failures and system failures. This way, the interruption doesn’t destroy your company’s finances. 

Media Liability

The media can be a nightmare for companies to navigate. But, media liability packages protect businesses from media threats. 

This coverage protects against several threats, ranging from intellectual property infringement to online advertising. This way, your business doesn’t have to panic over every word it publishes. 

Errors and Omissions

Cyber events sometimes stop companies from meeting their obligations. Sometimes, they cause them to fail a contract or stop providing expected services. 

This coverage protects businesses from these scenarios. It protects companies from negligence and breach of contract charges. 

Find the Best Security Compliance Consultants

As you can see, cyber security is essential for many types of businesses. Online threats can affect many aspects of your business. 

Navigating these threats alone can be a challenge for professionals. Instead, work with technology consultants who can help you find the insurance you need!

We at RE2 Tech can provide the guidance your business needs. Contact us today to find cyber security compliance for businesses you can trust!

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