Frequently Asked Questions
WHAT IS CYBER INSURANCE?
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.
WHO NEEDS CYBER INSURANCE?
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.
WHAT DOES CYBER INSURANCE COVER?
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.
HOW MUCH DOES CYBER INSURANCE COST?
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.
I HAVE BUSINESS LIABILITY INSURANCE. I DON'T NEED CYBER INSURANCE, RIGHT?
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.
WHAT IF I DO NOT BUY CYBER INSURANCE?
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.
MY CUSTOMER DATA IS HANDLED BY A THIRD PARTY. IT IS NOT MY PROBLEM, RIGHT?
You are 100% liable for your customers' data & information regardless if you store it in either the cloud or with a third-party service.
HOW MUCH CYBER INSURANCE COVERAGE DOES MY BUSINESS REQUIRE?
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.
HOW LONG DOES IT TAKE TO GET A CYBER INSURANCE QUOTE?
It takes approximately 5 minutes to fill out an application. A comprehensive and competitive quote will be in your inbox within 24 hours.
HOW DO I SUBMIT A CYBER INSURANCE CLAIM?
Call CyberDot at 1.800.781.8137 and we will guide you through the cyber insurance claim process.
WHAT IS CYBERDOT?
CyberDot is a unique technology-enabled surplus lines and property & casualty insurance brokerage that specializes in cyber insurance.
WHERE IS CYBERDOT LOCATED?
CyberDot is headquartered in Atlanta, GA. Our address is 107 Technology Parkway Suite #205 Peachtree Corners GA, 30092.
HOW DID CYBERDOT GET ITS NAME?
After running through thousands of possible names, Elena came up with the name CyberDot. The idea is that CyberDot is the final point or "Dot" in your search for "Cyber" insurance.
WHY SHOULD SMALL BUSINESSES USE CYBERDOT SERVICES?
CyberDot provides a timely, cost-effective way of acquiring comprehensive and competitive cyber insurance quotes without hassle and headaches. Additionally, CyberDot employes professionals that are well versed in both insurance & cybersecurity and are available to provide guidance.
IS THERE A FEE FOR USING CYBERDOT SERVICES?
Absolutely not! CyberDot does not charge any direct fees to its customers for its services. CyberDot makes its money by serving as the broker of record on the insurance policies that are purchased using their services.
IN WHICH STATES IS CYBERDOT CURRENTLY AVAILABLE?
CyberDot is currently licensed in all of 50 US states and the District of Columbia. For up to date license information please visit our license page.
HOW DO I START USING CYBERDOT SERVICES?
You can start by clicking here and filling out the application for Cyber Insurance quotes.
Security & Privacy
HOW SECURE IS MY DATA?
WILL YOU SELL MY DATA TO A THIRD PARTY?