What is it?
Cyber Insurance protects your business and offsets your losses in the event of a breach, like if your company’s information is stolen or exposed by a hacker, or accidentally released by an employee. This policy typically includes the following coverages:
- Legal coaching on how to handle the breach with privacy regulators;
- Funds for credit monitoring and client notification costs;
- Funds for court-awarded damages and legal fees in case of a civil suit; and
- Public relations services to manage any reputational fallout from the breach.
- Coverage for First Party Liability Expenses–when a breach happens at your own business. The policy will provide coverage for expenses associated with: Event Support Services, Crisis Management Expenses, Network Business Interruption, Digital Asset Restoration, Network Extortion/Ransomware, Cyber Crime, Computer Replacement, and Business Interruption.
- Coverage for Third Party Expenses in the event that you’re sued by a third party whose data was compromised in the breach. This includes costs associated with Privacy Regulation Penalties, Multimedia Liability, Payment Card Industry Fines and Penalties, and more.
Why do we recommend it?
Sustainable & Clean Technologies firms are one of the top targets for hackers and ransomware operators—and not just because of their access to confidential client data, corporate banking accounts, or intellectual property. Increasing automation, growing reliance on the IoT, and complex third-party vendor relationships widen attack surfaces, allowing hackers to gain entry through weak links in the supply chain ecosystem. Plus, cybercriminals know that system outages in the energy sector won’t just lead to lost productivity and revenue; they’ll disrupt critical infrastructures, like water and waste management, power generation, and utilities. They also know that companies will pay up to keep them running and avoid public harm.
The resulting fallout of a breach—operational disruptions, legal woes, regulatory fines, bad press, and more—could easily cripple your business. That’s where Cyber Insurance comes in. With a comprehensive policy, you can protect your company from financial loss and get ahead of a breach without losing business momentum or taking a massive reputational hit.