What is data breach insurance and do I need it?

What is data breach insurance and do I need it?

Data breach insurance helps cover the costs associated with a data breach, including legal fees and customer notifications. It's essential for businesses that handle sensitive information.

What types of costs does it cover?

It typically covers legal fees, notification costs, credit monitoring for affected customers, and public relations expenses.

How much does data breach insurance usually cost?

The cost varies based on factors like the size of your business and the amount of coverage you need, but it can range from a few hundred to several thousand dollars annually.

Is it worth getting data breach insurance?

Yes, especially if your business handles sensitive data. The financial impact of a breach can be significant, and insurance can help mitigate those costs.

How can I choose the right policy for my business?

Consider factors like your business size, the type of data you handle, and consult with an insurance broker who specializes in cyber insurance.