Cyber Risk Insurance

Cyber Risk Insurance

Does your business worry about Cyber Risk? There’s insurance for that.

Businesses should be careful about all aspects of protection, but, in the last three years, cyber risk has seen the largest percentage increase in claims – more than any other type of coverage. As our world becomes more reliant on the virtual exchange of information, the best way to protect yourself against cyber threats and liability claims is with cyber risk insurance from First Mid Insurance Group.

To help walk us through what cyber risk is and why cyber risk insurance is important, we’ve asked Clay Dean, CEO of First Mid Insurance Group, to help explain some of the details.

What is cyber risk?
According to Clay, “Cyber risk is an organization’s potential for exposure or loss from a cyber-attack and primarily has to do with information security. This can stem from things like computer and network system risk, risks involved with using linked devices and other electronic devices, and even information contained on paper.”

How can cyber risk insurance help keep businesses safe?
Quite simply, cyber insurance helps cover the costs if your business were to experience a privacy breach of any kind.

Clay states, “Certain information (like account numbers, social security numbers, health information, etc.) is considered part of someone’s personal identity and many businesses have an obligation by law to safekeep that information. If customer (or employee) information is breached, stolen, or even lost, then businesses could incur expenses related to helping restore their reputation. That’s where cyber risk insurance can help cover those costs.”

In case of a cyber event, what types of items do businesses need coverage for?
“Businesses need coverage for forensic data analysis, hiring outside IT consultants, and potentially for reputational risk and mitigation,” Clay states. “They may even need coverage for the actual hardware, software, and business revenue losses associated with a cyber event.”

So, it’s definitely in the best interest of the business to find a plan that best fits them.

What coverage options are available?
First Mid Insurance Group brokers all forms of available cyber risk insurance coverage.

Clay advises, “You should never assume you have coverage.” Extensions of current, non-cyber related coverage may offer minimal to no coverage for your business in the episode of a cyber-attack.

Why choose First Mid Insurance Group?
“We assist business owners with managing risk and reducing it through active management of their own policies and procedures. In doing this, we’re working to limit exposure and any likelihood of a cyber event from taking place at all,” states Clay.

In other words, your team at First Mid goes beyond standard customer support. They actively work to prevent these disasters from happening in the first place.

To learn more about Cyber Risk Insurance, contact First Mid Insurance Group to schedule a consultation.

First Mid Insurance Group is a wholly owned subsidiary of First Mid Bancshares, Inc. Insurance services are not deposits or obligations of the bank, are not insured by the FDIC or any governmental agency, and are not guaranteed.

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