Cyber Insurance | Smart, Fast, Friendly Digital Insurance Expert

Get expert coverage for cybercrime – which increasingly targets small business owners.

More than two thirds of small businesses have experienced a cyberattack – and these numbers are growing. Cyber insurance can keep you in business if network damage or a deliberate breach wipes out your data and threatens your most valuable asset – your loyal customers.

Mylo compares quotes from top-rated business insurance companies to find you the right cyber policy at the best value.

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Do you take credit cards or store customer info?

You may be in a cybercriminal's sights and could fall prey to:

Hacking and social attacks. Hackers compromise networks through tactics like “spear phishing” emails (personalized with name, title, company, work number etc.) that invite your employees to open links or attachments – and give away data.
Errors or misuse of data. Confidential data gets into the wrong hands because of negligence from an employee or partner – such as working on a network that's not secure.
Malware and ransomware. Users can't access their network at all until they pay off a blackmailer. Sadly, the costs of handling a ransomware attack are often much higher than the ransom itself.

Prepare for a breach before it happens with expert help from Mylo.

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What does cyberinsurance do for business owners?

Covers your non-legal costs

Determining if a breach occurred and how bad it was
Notifying anyone whose data may have been compromised, usually a privacy law requirement. (In some states, you're also required to monitor their credit reports.)
Hiring professionals in crisis management, PR and advertising to regain your clients' trust.
Replacing lost income and covering new expenses that arise when getting your business back up and running.
Reimbursing the ransom you may pay to get your network back online – plus the cost of the security firm you’ll need to hire to negotiate with the bad guys.
Replacing or restoring data compromised by a breach.

Covers legal and regulatory costs

If your company handles medical data or other protected information, you may have to pay regulatory fines that are sometimes in the five figures.
Cyber covers legal defense and penalties or fines if you're brought to task by a government regulator like HIPAA (Health Insurance Portability and Accountability Act).
Also covers legal defense and penalties or fines if you're sued by the people connected to your business for failing to provide security.

Add cyber to your Business Owner's Policy (BOP)

Depending on your insurance carrier, you can often fold cyber insurance into a Business Owners Policy (or BOP). A BOP is a money-saving combo of three critical coverages recommended for small business owners: general liability, commercial property and business interruption.

General liability covers injuries and damages caused by your business, as well as advertising-related claims
Commercial property helps replace or repair damaged equipment, furnishings and inventory
Business interruption replaces lost income if you need to temporarily close due to covered property damage

Many carriers now make it easy and affordable to throw cyber insurance into the mix!

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Cyber insurance FAQs

While you're going places and getting noticed, cybercriminals could be checking you out too.

If my company has a breach of data, how will cyber insurance help?

Cyber coverage will help you:

Rebuild your network and replace lost income
Send notifications to customers
Compensate their losses and monitor their credit reports (required in some states)
Handle crisis management and public relations
Pay regulatory fines and legal costs

How do I make things right with customers who might sue me because their data has been compromised?

Cyber insurance can compensate your customers for identity theft or the mental anguish that may come from a cyber breach. But if they do decide to sue you, you'll be able to afford it. And since it's crucial to rebuild their trust and respect, Cyber insurance can help you out with public relations and crisis management.

What happens if someone shuts down my site and demands money?

Unfortunately, business owners sometimes decide they have no choice but to pay up to get back online. Cyber insurance can reimburse that ransom.

Do insurance companies have requirements before they'll pay out claims?

Yes, some are less likely to pay out if your company doesn't take adequate measures to prevent breaches. These may include:

Training your employees to avoid phishing and other social engineering tactics
Maintaining an effective firewall
Keeping your virus protection up to date

How will Mylo find me the right policy?

Mylo is a small business insurance expert who has been innovating insurance since 2015. We can quickly:

Recommend coverage customized to your business
Compare best quotes for cyber insurance from top-rated business insurance companies
Find you the best combination of coverage and price.