Cyber Insurance
Protect your business against cyber attacks and data breaches
In a world of constant cyber change, shift your risk to a policy that keeps up
Cyber insurance is a critical layer of protection for your business in today’s digital landscape. While IT services play a vital role in preventing cyber attacks and managing your systems, they can’t eliminate all risks or cover the financial fallout if a breach occurs. Cyber threats are constantly evolving, and even the most robust IT defenses can be bypassed or fail unexpectedly. That’s why relying solely on IT is not enough—cyber insurance helps transfer the financial risks of data breaches, ransomware, and other cyber incidents, providing the support and resources your business needs to recover quickly and minimize damage.
At Rempel Insurance, our goal is to help you understand the risks for your company, and ensure you are adequately covered with a tailored solution for your unique business needs.
Why should I be concerned about Cyber Threats?
- Reputation Damage
- Operational Disruption- hours to weeks
- Legal and Regulatory Consequences
- Loss of Client Data
- Loss of Competitive Advantage
- Employee Impact- productivity and confidence
- Financial Losses
- Long Recovery Time – data and rebuilding of trust
- Targeting Small and Mid-Sized Businesses
Would you know how to respond?
If a cryptocurrency-related demand threatened to halt your business, would you know how to respond? Imagine having a team of experts by your side, ready to guide you through that challenge—how much more confident would you feel?
Types of Cyber Insurance
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Data Breach Coverage
In the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs, particularly as they relate to security fixes, identity theft protection for those impacted by the breach and protection from possible legal action. Cyber liability policies include coverage for these exposures, thus safeguarding your data from cyber criminals.
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Business Interruption Loss Reimbursement
A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. What’s more, increased costs to your business operations in the aftermath of a cyber attack may also be covered.
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Cyber Extortion Defense
Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid. As these types of attacks increase in frequency and severity, it’s critical that organizations seek cyber liability insurance, which can help recoup losses related to cyber extortion.
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Forensic Support
Following a cyber attack, your organization will have to investigate to determine the extent of the breach and what led to it. The right policy can reimburse the insured for costs related to forensics and seeking out expert advice. Additionally, some policies can provide 24/7 support from cyber specialists, which is especially useful following a hack or data breach.
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Legal Support
In the wake of a cyber incident, businesses often seek legal assistance. This assistance can be costly. Cyber liability insurance can help businesses afford proper legal work following a cyber attack.
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Coverage Beyond a General Liability Policy
General liability policies don’t always protect against organizations from losses related to data breaches. What’s more, data is generally worth far more than physical assets, and it’s important to have the right protection in place when you need it most. Supplementing your insurance with cyber coverage can provide you with peace of mind that, in the event of an attack, your organization’s financial and reputational well-being is protected.
Are you adequately covered?
Cyber insurance is a relatively new form of coverage — one that will continue to evolve alongside emerging cyber threats. Don’t let it happen to you! Be proactive and work with us to make sure you fully understand your risk and your policy.
Common questions
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What does cyber insurance typically cover?
Cyber insurance typically covers expenses related to data breaches and cyberattacks, including costs for data recovery, legal fees, notification and credit monitoring for affected parties, public relations efforts, and business interruption losses. It may also include coverage for third-party liabilities arising from lawsuits resulting from a cyber incident.
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Is cyber insurance necessary for small businesses?
Yes, cyber insurance is essential for small businesses. Cyberattacks and data breaches can affect businesses of all sizes, and the financial consequences can be particularly devastating for smaller enterprises. Having cyber insurance helps mitigate these risks and provides a safety net for recovery.
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How is the cost of cyber insurance determined?
The cost of cyber insurance is determined based on various factors, including the size and industry of the business, the level of cybersecurity measures in place, the amount of coverage needed, and the business’s claims history. The higher the risk exposure, the higher the premium may be.
Does this sound familiar?
Insurance often comes with more questions than answers. If you’ve experienced any of the following, then Rempel Insurance is here to help!
You don’t know if you have enough coverage
Our goal is to fully understand your business insurance needs, which means discovering potential vulnerabilities to ensure you have the adequate coverage needed, offering you peace of mind that your business is fully protected.
You find yourself asking more questions than your broker does
We don’t offer out-of-the-box solutions and pricing that can be generated from a few standardized questions. We build relationships with our clients and do deep dives into their unique insurance needs, and offer customized solutions.
You don’t actually understand what your policy all covers
We go through all policies in depth with our clients to ensure they fully understand what they are paying for and how it will impact their business. The strong relationships we build with our clients means we are always available and happy to answer any questions they have on their policies and coverage.
By the way, did you know…
We offer next level insurance support by coming to you!
Do you want to ensure your business’ data is protected, but don’t have the time to research insurance options? We come to you to answer all your questions and gather what is required to get you the coverage you need.
Value Added Services
We go beyond insurance by offering value-added services that truly support the way our clients run their businesses. From proactive risk management advice to industry-specific insights and strategic planning support, we strive to bring a level of understanding and partnership that’s hard to find elsewhere. Our goal is simple: to be so valuable, informed, and invested in your success that you can’t imagine operating your business without us by your side.
We are here to help
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Claims
Need to make a claim? Let us help you through the process.
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Questions
Have questions about your policy? Get in touch with us to review your coverage options.
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Immediate help
Our team is available 24/7 for emergency claim services.
(204) 746-2320