Your Guide to Data Breach Insurance

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Your Guide to Data Breach Insurance

Cyber threats are always on the rise. Without insurance, data breach can cost your business money. In order to fight against cyber threats, you need a data insurance policy. If you’re ready to branch out and find a data breach insurance broker, here is what you should know about data breach insurance.

Types of Data Breach Coverage

Data breach coverage may have first and third party provisions. In first party coverage, it pertains to your company. The third party coverage affects parties outside of your company. Some examples of data breach insurance provisions are:

Lost revenue

Investigation costs

Fines for lost data

Hardware costs

Lawsuit costs

Fees due to data loss

It’s important to have the coverages that will protect your business the most.

What to Look For

With data breach coverage, you need to weigh all of your considerations. You need to make sure that you know the types of coverage you need. Will you need your data breach insurance to report to the government? Do you want the coverage to find your vulnerabilities or to notify customers in case of a breach? When you’re thinking about seeking out a data breach insurance broker, you should know everything that you can about the type of policies you’re looking into. While the broker can help you figure out what will suit your business, the more you know, the more you can negotiate.