The simple answer? Everyone.

Today everything is online, and with the COVID-19 pandemic keeping everyone inside internet use is skyrocketing. This also means cyber threats are drastically on the rise and everyone is potentially at risk. Cyber risks on the personal side could range from your bank account to any "smart devices" you have connected to your home network. On the commercial side, any digital infrastructure that is in place is potentially at risk if a malicious entity were to gain access to the network. If the right precautions are not in place, all data could be accessed, and your company's data could be easily compromised.

Personal Cyber Insurance

Cyber-crime can cost companies thousands of dollars per breach. Cyber Liability Policies or Cyber Insurance is a way to protect yourself from potential loss. These policies can range from a couple hundred dollars a year to over a thousand dollars. At its core, cyber insurance will give you financial reimbursement for the costs of the theft of digital information and assets up to the policy's limits. This could range from Bank Account asset theft to payments made due to extortion. If you have any concerns about this, feel free to reach out to us with any questions.

Commercial (SMB)

Statically speaking 66% of business suffer an attack or breach every year. The SMB market has spent on average $1.4M to investigate and take care of cyber incidents. Examples of what could be covered are: viruses that exposes sensitive information, customers who sue after the business loses Personal heath information, downtime due to the business being closed while the breach is fixed or forensics analyzes the breach. It could even cover claims against your company from your clients whose data was stolen.

These were just a few examples on the personal and commercial side of the business where Cyber Insurance would help you out. Someone once told me that having insurance is like jumping out of an airplane without a parachute. Once you jump out of the plane, it is too late to put one on. If you are wearing one when you jump, the fear is gone. You do not want to get cyber insurance once there is an attack of a breach of your system, you want to make sure that you are covered from the beginning.

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