Back up your great reputation with cyber insurance.
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.
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 fixing a ransomware attack are often much higher than paying the ransom.
Prepare for a breach before it happens with expert help from Mylo.
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
- 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!
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?
What happens if someone shuts down my site and demands money?
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.
Looking for online accounting?
Fill out the quick form below to learn how Mylo's expert partner (and the world's largest virtual accounting firm) 1-800Accountant can help you:
- Set up your business entity
- Get your largest tax refund
- Automate payroll and benefits
- Activate virtual bookkeeping