Every business today relies on technology to run its operations. It helps meet day-to-day tasks and makes it easier to connect with customers. But technology also brings complexities, such as cyber threats that can adversely impact your business. This is why you need cyber insurance.
Cyber insurance in Calgary is not a luxury; it is a necessity. In April, the city issued warnings after a Calgary business was left covering up financial losses of more than $100,000 after a ransomware attack froze up 90% of their IT operations.
“We found out we were completely locked out of every part of our computer system,” explained the company’s president. “Accounting, estimating, payroll – everything that we do in our server was frozen.” And while they recovered their loss, not every business is capable of doing so.
With so much on the line, buying cyber insurance is the need of the hour as it can protect your business from some of the worst costs and consequences of cybercrime.
That said, not choosing the right policy can leave you paying hefty monthly premiums. So, it is crucial to buy affordable cyber insurance. Read on to find out how cyber liability insurance brokers can help lower your premiums.
How much does cyber insurance cost?
Cyber insurance is designed to protect your business from the costs incurred due to losses arising from a cybersecurity breach. And while many people think it is extremely expensive, what’s interesting is that the cost of a cyber insurance policy will always be much cheaper than that of a data breach.
Typically, the monthly premium of a plan that offers a coverage of up to $1 million often ranges between $1,000 to $1,500. But this is only the average cost. Your premiums can vary depending on your coverage options, which include payment fines, computer fraud, third-party security, and hardware damage – to name a few.
How can cyber liability insurance brokers reduce your cost?
Cyber liability insurance brokers are experts in this industry. They have access to comprehensive tools that enable them to reduce your premium costs by researching the type of risks you have and your capabilities to manage these risks.
They also use their resources to stay up-to-date on the trends and developments in the cyber insurance industry, which helps them offer you the best plans. Here’s how.
Every industry experiences different cyber risks. Therefore, a cyber liability insurance broker will evaluate your business with regard to the industry it operates in. They will perform thorough research of your industry to learn about the common cyber risks associated with businesses operating in it. They may look into the public data on data breaches and estimate how it impacts the current security measures in place. They may also look into the industry-specific regulations and laws before recommending a plan.
Cyber insurance is a broad term that covers many different types of digital risks. But you don’t need them all. In order to get a good deal on your policy, you need to narrow down your coverage options by taking the insurance requirements of your business into account. Cyber liability insurance brokers can help you customize policy plans to suit your needs and protect your bottom line.
Cyber liability insurance can add a pretty penny to your monthly budget. But why settle for the first set of rates? An insurance broker can help you avoid costly mistakes by comparing quotes from hundreds of insurance providers to find you the most affordable policy – one that will address your needs and save you money.