With the ongoing growth of cyberattacks and ransomware, cyber insurance is becoming a must-have for businesses. As a leading Managed Security Service provider, BMT works with clients to deploy and manage the services that carriers require to provide coverage.

What Does Cybersecurity Insurance Cover?

Policies cover costs associated with data breaches and cyber attacks on your business. Those costs can include such things as lost income due to a cyber event, costs associated with notifying customers affected by a breach, costs for recovering compromised data, costs for repairing damaged computer systems and more.

Such coverage can be a crucial safeguard against the devastating financial consequences of a cyber attack.  Solutions may vary depending on your business’ level of risk, with coverage options often available to address:

  • forensic investigations,
  • litigation expenses,
  • regulatory defense expenses/fines,
  • crisis management expenses,
  • business interruption,
  • cyber extortion
  • and more!

How Do I Choose a Cybersecurity Insurance Policy and How Much Will It Cost?

Pricing is typically based on the insured entity’s annual revenue and industry. To qualify for coverage, the individual or entity typically must submit to a security audit by the insurance company or provide documentation with the assistance of an approved assessment tool, such as that offered by the Federal Financial Institutions Examination Council (FFIEC). The results from a security audit or the documentation from approved assessment tools will factor into the types of coverage provided by the cyber insurance provider, as well as the cost of the premiums.

Policies will vary widely from one provider to the next. To choose a policy, companies should closely review policy details to ensure it contains the necessary protections and provisions.  Through a partnership with Datastream, BMT offers a number of cyber insurance options.  We will review your situation and discuss options based cost/coverage.  Contact us today for a complimentary quote and get started!