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Cyber insurance is like any other type of business liability insurance; it is specifically designed to help your business recover after you and your business experience a damaging cyber attack and/or a data breach.

Anyone who operates even a portion of their business online or is entrusted by his or her customers with information through a third party needs cyber insurance.

Cyber insurance covers your first and third-party risks. 'First-party risks' refers to the policyholder's losses and 'third-party risks' refers to the costs and losses associated with any litigious claims veiled upon you by your customers or other third parties.

The cost of cyber insurance will depend primarily on the number & types of sensitive records your company accepts, stores, and/or transmits; your company's industry type; your company's annual revenue, and the desired limit of liability coverage. On average, you can expect to pay between $750 on the low end and up to $8,000 on the high end.