Frequently Asked Questions

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.

While you may have business liability insurance, you more likely than not, do not have cyber insurance. As of right now, standard general & professional liability insurance policies lack provisions for cyber even though most, if not all, business today is done online.

Without cyber insurance, you are solely responsible for the financial costs & losses resulting from cyber-attacks and/or data breaches, including but not limited to: forensic investigations, public relations, customer notification and identity protection. Additionally, if your customers decide to pursue legal action against you, you would be responsible for all the defense and settlement costs.

You are 100% liable for your customers' data & information regardless if you store it in either the cloud or with a third-party service. 

Your policy will depend on your business's unique cyber risk which is assessed based on how your business assets could be impacted by a cyber event and/or a data breach. Keep in mind that the average cost of a single lost or stolen record is $141 so if your business handles, for example,  7,000 sensitive records your business will need around $1 million in Cyber Liability coverage. Again, based on the answers you provide in the CyberDot questionnaire, our insurance and cyber security specialists will calculate the best policy and coverage plan specific to your business.

It takes approximately 5 minutes to fill out an application. A comprehensive and competitive quote will be in your inbox within 24 hours.

Call CyberDot at 1.800.781.8137 and we will guide you through the cyber insurance claim process.