TrueGuard Insurance

In today's interconnected world, cyber threats are no longer just a concern for large corporations. Businesses of all sizes face increasing risks from data breaches, ransomware attacks, and cyber extortion. Cyber insurance has become essential protection for the digital age.

Why Cyber Insurance Matters Now More Than Ever

The digital landscape has transformed dramatically in recent years. With more businesses operating online, storing customer data, and relying on digital systems, the potential for cyber incidents has skyrocketed.

Alarming Statistics

• 43% of cyber attacks target small businesses
• Average cost of a data breach: $4.45 million
• 60% of small businesses close within 6 months of a cyber attack
• Ransomware attacks occur every 11 seconds

What Does Cyber Insurance Cover?

First-Party Coverage

First-party coverage protects your business from direct losses:

Data Breach Response: Costs to investigate, notify affected parties, and provide credit monitoring
Business Interruption: Lost income when cyber incidents disrupt operations
Cyber Extortion: Ransom payments and negotiation costs
Data Recovery: Expenses to restore or recreate lost data
System Damage: Costs to repair or replace compromised systems
Public Relations: Crisis management and reputation repair

Third-Party Coverage

Third-party coverage protects against claims from others:

Privacy Liability: Claims from customers whose data was compromised
Network Security Liability: Damages from malware spread to others
Regulatory Fines: Penalties for non-compliance with data protection laws
Legal Defense: Attorney fees and court costs
Media Liability: Claims of copyright infringement or defamation online

Common Cyber Threats Businesses Face

Ransomware

Malicious software that encrypts your data and demands payment for its release. Can cripple operations for days or weeks.

Phishing Attacks

Fraudulent emails or messages designed to trick employees into revealing sensitive information or credentials.

Data Breaches

Unauthorized access to customer data, employee records, or proprietary information through hacking or insider threats.

DDoS Attacks

Distributed denial-of-service attacks that overwhelm your systems, making websites and services unavailable to customers.

Who Needs Cyber Insurance?

If your business does any of the following, you need cyber insurance:

Stores customer payment information
Collects personal data (names, addresses, emails, etc.)
Operates an e-commerce website
Uses cloud-based services or software
Allows employees to access systems remotely
Maintains electronic health records
Processes financial transactions online
Relies on computer systems for daily operations

Important Note

Traditional business insurance policies typically exclude cyber-related losses. General liability and property insurance won't cover data breaches or cyber attacks. You need dedicated cyber insurance.

How Much Does Cyber Insurance Cost?

Cyber insurance premiums vary based on several factors:

Business Size and Revenue

Larger businesses with higher revenues typically pay more for coverage.

Industry and Data Sensitivity

Healthcare, finance, and retail face higher premiums due to sensitive data handling.

Security Measures

Strong cybersecurity practices can lower premiums significantly.

Coverage Limits

Higher coverage limits and lower deductibles increase premiums.

Typical costs: Small businesses can expect to pay $1,000-$7,500 annually for $1 million in coverage, while larger organizations may pay $10,000-$50,000+ depending on their risk profile.

Steps to Reduce Cyber Insurance Costs

Implement Multi-Factor Authentication (MFA) - Require MFA for all system access
Regular Security Training - Educate employees about phishing and cyber threats
Data Encryption - Encrypt sensitive data both in transit and at rest
Regular Backups - Maintain secure, offline backups of critical data
Patch Management - Keep all software and systems updated with security patches
Incident Response Plan - Develop and test a cyber incident response plan

Choosing the Right Cyber Insurance Policy

When evaluating cyber insurance policies, consider:

Coverage limits that match your potential exposure
Deductibles you can afford in an emergency
Specific exclusions and limitations
Incident response services included
Legal and regulatory support
Reputation management assistance
Claims handling reputation of the insurer

Get Protected Today

Cyber threats aren't going away – they're only becoming more sophisticated. Don't wait until after an attack to think about protection. Our cyber insurance experts can help you:

Assess your cyber risk exposure
Find comprehensive coverage tailored to your business
Compare quotes from leading cyber insurers
Understand policy terms and exclusions
Implement risk management best practices

Protect Your Business from Cyber Threats

Get a free cyber insurance quote and secure your digital assets today.

Cyber Insurance in the Digital Age