Cyber Risk Insurance In Tulsa
- A learning center became another data breach victim.
- Cyber risk insurance has more strength than a general commercial liability.
- Do you know the difference between First-party and Third-party coverages?
- What is your proactive plan that will address a data breach quickly?
- Ransomware is not slowing down in Tulsa any time soon.
Data breaches and other illegal cyber activity never seem to stop. Take, for example, the Tulsa Technology Center affiliated with the Oklahoma Department of Career and Technology Education. They recently experienced a breach.
Someone was able to access the district’s systems illegally and stole student names, social security numbers, and files. Could you imagine the high cost of recovering from a cybercrime without cyber risk insurance? We cover more about this in our video.
What Is Cyber Risk Insurance?
Cyber risk insurance is a product designed to protect businesses and organizations from Internet-based cyber risks. The coverage is for risks associated with information technology activities and infrastructure.
As mentioned in our video, cybersecurity insurance is a very complex topic. Due to the high risks involved, commercial general liability policies traditionally do not provide coverage where there is a potential and an ongoing threat to the business.
Companies like Travels, Nationwide, The Hartford, and other insurers offer cyber security coverages and services to businesses and organizations. The financial decision maker of your company will need to locate an insurer that provides this coverage for your specific business.
What Are The Cyber Risk Insurance Coverages?
With cyber risk insurance, there are First-party and Third-party coverages. First-party protection covers costs when your organization is affected by a cyber event. If your company is the policyholder, you can file a claim against the insurance policy.
Third-party coverage protects a company against liability from damages or losses the organization may or may not have caused. This coverage is when a business, customer, or patient file a claim against the company’s insurance policy.
Here are two examples of each coverage. You need to inform your patients there was a data breach. The first-party coverage covers those costs. Should any of those patients sue your company, the third-party coverage covers your expenses in the event of a lawsuit.
Tulsa Businesses Should Consider Cyber Risk Insurance
When your company experiences a cyberattack for the first time, you quickly discover the rising costs you have to pay for that single criminal act. The impact is easier to manage if you have cyber risk insurance.
However, let’s assume you don’t have any coverage. What would be your steps to recovery? Do you have a proactive plan to address the breach quickly? Are you aware of the high costs incurred for any potential lawsuit against your organization?
Without cyber risk insurance, one event could be so catastrophic your business is forced to close permanently. With the coverage in place, your policy would reimburse your company for potential losses and protect it from litigation and regulatory defense costs.
Tulsa Businesses Face Growing Data Breaches Threats
Each year, the growing number of ransomware attacks has become a significant problem for Tulsa businesses. Organizations across the city are falling victim to these cyberattacks. To their shock, it costs them tens of thousands of dollars in lost revenue.
As a result, businesses need the proper insurance to protect themselves from these threats. NSN Management offers comprehensive cyber risk insurance solutions to help companies recover from an attack and defend themselves from future threats.
We work with businesses of all sizes to ensure they have the right coverage to continue operating without interruption during an attack. Contact us today to learn more about our cyber risk insurance solutions and how we can help your business protect itself from the ever-growing threat of cyber-attacks.