Cybercrime is on the rise in the Sunshine State, but there are measures that Boca Raton, FL business owners can take to protect themselves from hacks. Multifactor authentication, strong passwords, and cybersecurity training for employees can lower the chances of your business being attacked by a cybercriminal. It’s also a wise idea to consider purchasing commercial cyber insurance, as it offers an additional layer of protection for your business in case someone gains access to your files.

Commercial Cyber Insurance: What Is and Isn’t Covered

There are two types of commercial cyber insurance. First-person insurance covers your expenses related to the breach. These include the cost of paying for credit monitoring for affected customers, making a ransomware payment, and identifying the cause of the breach. First-party cyber insurance coverage also compensates you for loss of revenue while your company is dealing with the aftermath of a cyberattack.

Third-party cyber insurance covers legal expenses related to lawsuits that may arise as a result of a breach. These expenses include the cost of hiring a lawyer and paying a settlement or judgment. It not only covers lawsuits from affected customers but also lawsuits from business partners and suppliers. It’s not uncommon for a business affected by a data breach to blame contractors and other business partners for inadvertently giving cybercriminals access to the affected IT system, which means that you’ll want to carry this type of insurance even if you don’t store a lot of personal data on your own IT system.

 Call Coastal Premier Insurance Group for More Information

Coastal Premier Insurance Group serves Boca Raton, FL businesses of all sizes and from all industries. Call us today to find out more about our commercial insurance options or to request price quotes.