If faced with a cyber event, would your business be able to recover?
Experts estimate that each year about 1,000 tornadoes are reported, not all of which do physical property damage. In 2015 there were over 8,000 successful cybercrime business hacks, resulting in an average of $2 million in cost per event. At First Mid Insurance Group, we believe cyber risks are a matter of when, not if… are you adequately prepared?
Cyber Insurance Basics
Just about any organization that uses technology to do business faces cyber risk. The amount of coverage your business or organization needs depends on your level of risk. Make sure you have the resources to address the potentially devastating impact of a cyber event, including coverage for items such as:
- Legal defense and settlements
- Lost business
- Customer/public notification costs
- Credit card monitoring
- Computer program and electronic data restoration expenses
- Regulatory defense expenses, including fines and penalties
- Computer fraud
- Funds transfer fraud
- E-commerce extortion
Most coverage options are available as a stand-alone policy, or as part of a comprehensive suite of management liability coverages.
Cyber Risk – For small to large businesses and every organization in between — including financial institutions and nonprofits.
Cyber Coverage for Technology Companies – Broad cyber coverage meeting the complex needs of technology companies. This includes errors and omissions coverage.
Cyber Coverage for Public Entities – Suitable for municipalities and counties, utilities, transit authorities, and other organizations in the public sector.
Cyber Coverage for Small Business – Specifically tailored to protect small businesses from the most common cyber risks.
Contact us today for more information about commercial insurance.
Insurance services are not deposits or obligations of the bank, are not insured by the FDIC or any governmental agency, and are not guaranteed.