Understand Our Cyber Security Insurance

Cyber security is a broad term that covers everything from business email compromise to data breaches. Different types of cyber security insurance policies are available depending on your business or organization’s needs. For example, a comprehensive policy may include coverage for liability, data breach, and cyber extortion expenses. On the other hand, a more tailored plan may cover specific risks, such as malicious code attacks or social engineering fraud.

Nesso Insurance understands you may have questions or concerns surrounding cyber security insurance. We provide our clients with the information and support they need to make an informed decision. Our cyber security insurance services target the digital threats specifically relevant to your business. We’ll help you choose a policy that fits your organization and budget so that you can be confident in your investment. Our team is dedicated to providing personalized service and exceptional customer care throughout the process.

Who Needs Our Cyber Security Insurance?

Every business can benefit from the protection provided by our cyber security insurance services. In the Internet age, practically every business is a potential target. Most of them are interconnected, with data flowing freely between them. That makes it even more important to take the necessary steps to protect your data and investments. If you’re a small business owner, you might think it’s too expensive to insure your business against cyber threats. The truth is the cost of an insurance policy might be far less than the cost of dealing with a successful attack on your systems.

Even if you’re not in a particularly high-risk field, you should still consider the benefits of our cyber security insurance. A cyberattack can cause severe damage to your business’s reputation, which could have long-term effects on your ability to operate. At Nesso Insurance, we provide comprehensive coverage for businesses of all sizes. Whether you’re looking for cyber security insurance for a large enterprise or small business, our agents can help you find the right policy for your needs.

Damage You Can Prevent with Our Cyber Security Insurance

Cyber attacks can cause a wide range of problems for businesses. Most of these problems are caused by malware, software designed to damage computer systems. Cyber attackers can use malware to steal or hold data hostage in exchange for payment.

Data Breach

A data breach is an unauthorized access to sensitive information, such as social security numbers, credit card numbers, or other private information. It can allow identity thieves to use this information to commit fraudulent activities. Data breaches can be caused by the loss of laptops and other portable devices, the use of insecure wireless networks, and even the loss of passwords. They can also lead to lawsuits, government investigations, or public relations disasters. But our cyber security insurance can help protect your business from the consequences of a data breach.

Denial-of-Service Attacks

A denial-of-service attack (DoS) aims to interrupt or block access to a computer system, website, or network. A group of computers, known as a botnet, often launches DoS attacks. These botnets flood a website or network with traffic to deny service to legitimate users. In many cases, a DoS attack will overwhelm a system and prevent it from working or allow attackers to gain control of the system. Denial of service attacks can be challenging to combat because they may require using a complex network of computers to block access. With our cyber security insurance, you can mitigate the financial costs of such an attack. 

Ransomware

Ransomware is an illegal malware that holds sensitive information hostage unless you pay for the data in Bitcoins, cash, or another payment type. It can even encrypt files and prevent access to them without the encryption key needed to decrypt those files. Spam emails and other phishing scams are the primary methods to spread ransomware. It’s crucial for businesses to have up-to-date security systems and to update their operating systems regularly. However, if yours still falls victim to ransomware, our insurance can help reimburse you for the amounts paid as ransom. 

Insurance Options We Might Recommend for Cyber Attacks

Our cyber security insurance for businesses in Connecticut can help protect against some of the costs associated with cyber attacks. The first type of protection is credit protection; this will assist in paying for any damages not covered by other types of insurance.

Another form of protection is cyber liability coverage. This coverage can help pay for the costs incurred due to a data breach or cyber attack. Depending on the policy, cyber liability coverage may also help if the business faces a lawsuit due to a cyber attack.

In addition to payment for damages, credit and cyber liability can help businesses sue an attacker or other individuals who cause damage to a system. An experienced insurance agent like Nesso Wealth can help your company find the right coverage for its cyber attacks.

Understand Cyber Attacks so you can Prepare for Them

Computer systems have become highly complex; every company has critical data—social security numbers, credit card information, and addresses. After getting their hands on this information and using it to acquire the victim’s identity, cyber attackers apply for a new account or purchase.

Cyber attackers can trick employees or customers into giving away data using various methods. Here is a list of the most common tactics:

• Phishing – aiming to acquire information by posing as a trustworthy party in an email or text message;
• Malware – infecting a computer with spyware, viruses, or other malicious software;
• Keylogging – a form of keystroke logging defined as the use of devices (usually hardware, but not in all cases) to acquire private information by recording keystrokes made by the user;
• Social Engineering – is the psychological manipulation of people into performing actions or divulging confidential information, often for malicious reasons;
• Smishing – phishing attack using text messages.

While phishing and malware are the most traditional ways of getting information from people, social engineering and keylogging are becoming increasingly popular. In the end, to keep your business safe and your customer’s data private, you need to put measures that will make it difficult for hackers to take over. It would be best if you also had cyber security insurance to guarantee coverage in case of a successful attack.

The Components of an Insurance Policy

If you’re unfamiliar with cyber security insurance, it can seem daunting to understand the different components of an insurance policy. Our team at Nesso Wealth is here to provide you with all the information you need:

1. Premium

The premium is the amount of money you pay for each policy. Insurers can set the premium according to several factors, including the company’s industry, size, and risk level. You may also pay a premium that is a percentage of the overall coverage you’re obtaining.

2. Deductible

A deductible is an amount you would have to pay out of pocket before the insurance policy begins to cover your losses. As with the premium, the deductible varies depending on the policy.

3. Limitation of Benefits

The limitation of benefits is the maximum amount the insurance will pay for any loss. If a loss exceeds this amount, you’ll have to pay the difference between the policy amount and what you received through your insurance.

4. Exclusions

Some insurance policies don’t cover certain types of losses. This category includes those benefits that would usually come at an additional premium. You can always talk to your insurance agent to better understand your coverage.

Why Work with Us?

1. Attention to Detail

Monitoring the latest technological risks is critical when designing risk management plans. As such, Nesso Insurance utilizes various methods to ensure you’re in good hands with us. Detail-oriented and thorough, our team is committed to providing our clients with the highest level of service.

2. We Have Your Best Interest in Mind

We’ll work closely with you to assess your business needs and do everything possible to craft the best policy for you. We understand that the last thing you need is a policy that doesn’t meet your expectations. Therefore, we’ll make sure to create one that works in your favor.

3. Experience

Our team has been providing cyber security insurance for years, so we understand the process from start to finish. We also have experience designing policies for businesses of different sizes and types. With our deep industry knowledge, you can trust us to provide the best coverage for your business.

Start Protecting Your Business from Cyber Attacks with Nesso Insurance

Nesso Insurance in Connecticut is deeply concerned about the ever-increasing prevalence of cyber attacks, which has led to a breakdown in consumer privacy. While many businesses focus on protecting against data breaches, not all can recognize the value of proactive risk management measures; this is where we step in. We provide policyholders with a combination of innovative and proactive insurance services designed to minimize business risks while also protecting the interests of their consumers. Contact the Nesso Group today to get started!