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In an age where digital threats loom large, cyber insurance, also called cyber liability insurance, has become a critical safety net for businesses of all sizes, reducing financial risks associated with conducting business online.

At Far North Insurance, we understand the complexities of cyber risks and offer comprehensive coverage to protect your digital assets.

For SaaS, XaaS, and MSP solutions, please check out our product at Cover Your Saas.

Why a Cyber Liability Insurance Policy is Essential for Your Business

Cyber threats can come from any direction and can have devastating impacts on your business.

To protect your business, our cyber insurance policies are designed to provide peace of mind and financial protection against digital dangers, including data breaches and cyber extortion.

The risks are real and growing, and having the right coverage can be a critical component in your cybersecurity strategy.

Today, businesses must navigate a landscape filled with various cyber threats, including cyber attacks, emphasizing the importance of maintaining a proactive stance on cyber hygiene to mitigate these risks effectively.

Who is Cyber Insurance for?

  • Schools

  • Nonprofits

  • Manufacturing

  • Healthcare

  • Software as a Service (SaaS)

  • Professional Services

  • ...anyone who uses the internet to run their business, and even those who don't!

What Does Cyber Insurance Cover, Including Data Breaches?

Our cyber insurance policies cover a range of potential risks, including:

  • Data Breach Costs: Expenses related to managing a data breach, such as investigation, data recovery, legal fees, notification costs, and importantly, covered by cyber insurance, these costs can include providing credit monitoring services for affected customers.

  • Business Interruption: Loss of income and extra expenses incurred due to a cyber event disrupting your business operations, with first party coverage addressing the financial impact on your own operations.

  • Contingent Business Interruption: Loss of income and extra expenses due to a cyber event on a third-party vendor that you rely on to perform your business.

  • Cyber Extortion: Ransom payments and negotiation costs in response to a cyber extortion demand.

  • Legal Defense: Costs associated with legal claims arising from a cyber incident, including settlements and judgments.

  • Network Security Liability: Protection against claims arising from unauthorized access or use of your network, leading to data destruction, theft, or unauthorized disclosure of information, with third party coverage addressing legal liabilities and financial consequences.

  • Privacy Liability: Coverage for claims due to violations of privacy rights or regulations related to personal information, specifically protecting against losses or theft of data containing personally identifiable information (PII).

  • Regulatory Defense and Penalties: Assistance with legal defense costs and coverage for fines and penalties from regulatory actions due to a cyber event.

  • Media Liability: Protection against intellectual property rights infringement, defamation, and slander resulting from your electronic content.

  • Cyber Extortion and Ransomware: Coverage for expenses and payments to malicious actors threatening to damage, release, or prevent access to data.

  • Business Email Compromise (BEC): Coverage for financial loss due to fraudulent instruction directing a transfer of funds.

  • Data Restoration: Costs associated with restoring or recollecting lost or damaged data.

  • Incident Response and Crisis Management: Access to expert services to manage and mitigate a cyber incident, including public relations support and notification expenses.

  • Cyber Events: Coverage for financial losses and remediation costs associated with cyber events, including acts of cyber terrorism, ensuring protection against the compromise, loss, or theft of data and the damage caused by the loss or theft of third-party data.

Tailored Solutions for Your Unique Needs

We recognize that every business has unique cyber-security needs.

That's why we offer tailored solutions to match your specific risk profile.

Our team of experts will work with you to identify potential vulnerabilities and customize a policy that provides the coverage you need.

Proactive Risk Management Against Cyber Attacks

Beyond insurance, we believe in proactive risk management.

Our policies include access to cyber security resources and support to help you strengthen your defenses and mitigate risks before they become incidents. Recognizing the importance of reducing cyber risk, our insurance policies are designed to encourage proactive measures that not only secure devices and technology but also enhance domain expertise.

By effectively managing cyber risk, companies can potentially lower their cyber insurance costs through maintaining strong cyber hygiene, configuring and monitoring access rights, patching vulnerabilities, implementing data recovery and protection measures, and training security professionals.

This approach ensures that coverage is chosen based on the company's sophistication and ability to avoid incidents, rather than solely focusing on cost.

Work with us to identify resources for:

  • Incident Response Planning

  • Business Continuity Planning

  • Security Control Roadmap

  • Cyber Insurance Coverage Checklist

Get Protected Today

Don’t wait until it’s too late.

Secure your business with a comprehensive cyber insurance policy or cyber liability insurance policy from Far North Insurance today, emphasizing the importance of safeguarding against digital threats in our technology-driven world.

Learn more about how we can help protect your business in the digital world and bridge the gap between cyber security and recovery. Check out our blog on Tech E&O and how it relates to cyber insurance.

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