Cyber Insurance Coverage Silverfort
Cyber Insurance Coverage Silverfort Cyber insurance acts as a financial safety net for businesses in the event of cyber attacks.. Silverford was recen
Cyber Insurance Coverage Silverfort : Cyber insurance acts as a financial safety net for businesses in the event of cyber attacks.. Silverford was recently recognized as the best startup to work for in Israel for the second year in a row and is now one of the fastest growing startups.
What is covered under Silverfort cyber insurance
Data breach response: This covers costs associated with responding to a data breach, including forensic investigations, legal fees, customer notification, credit monitoring services and public relations efforts to manage the company's reputation.
Data Loss and Restoration: Coverage for costs related to data loss or data damage due to cyber incidents, including recovery or reconstruction of lost data.
Cyber Extortion: Protection against ransomware attacks or other forms of cyber extortion, including ransom payments and costs of negotiating with cyber criminals.
Business Interruption: Compensation for lost income and additional expenses resulting from a cyber incident that disrupts normal business operations.
Network Security Liability: Coverage for legal costs and damages resulting from lawsuits alleging negligence in protecting sensitive data or failure to prevent a cyber incident.
Regulatory Fines and Penalties: Coverage for fines and penalties imposed by regulatory authorities for violating data protection laws or industry regulations following a data breach or cyber incident.
Cybercrime: Protection against financial losses caused by fraudulent electronic fund transfers, social engineering attacks or other forms of cybercrime.
Privacy Liability: Protection for damages and legal costs resulting from lawsuits alleging an invasion of privacy or violation of privacy laws due to a data breach or unauthorized access to personal information.
Cyber Liability: Comprehensive coverage for a wide range of cyber risks, including those not mentioned above, tailored to the needs of the insured entity.
What cyber insurance doesn't cover Silverfort
Most cyber liability insurance policies won't cover your business for diminished business value. For example, your intellectual property can be stolen through digital crime. Without that information, your company will become less valuable overall, but insurance providers won't cover that loss of value.
Lost Profits: Cyber insurance generally does not cover future profits lost due to a cyber attack. This includes losses due to reputational damage or decline in customer base.
Impairment of asset value: If intellectual property or sensitive data is stolen as a result of a cyber attack, the reduction in value of your company is irreparable.
Security upgrades: Upgrading your cyber security systems after an attack to prevent future incidents is usually not an insured expense.
Voluntary payments: Cyber insurance often excludes losses in social engineering scams where money is willingly transferred to attackers, even if employees are duped.
Pre-existing conditions: As with health insurance, coverage for a related incident may not be provided if you are aware of cyber security weaknesses before taking out the insurance.
Unauthorized or Illegal Activities: Damages caused by intentional or criminal acts of the insured party, such as fraud or intentional data breaches.
War or Terrorism: Damages caused by war, terrorism or other acts of political violence are often excluded from coverage.
Contractual Obligations: Expenses associated with breach of contract or failure to perform contractual obligations, unless specifically covered by the policy.
Known or Foreseeable Events: Damages caused by cyber incidents that were known or reasonably foreseeable at the time the policy was purchased.
Acts of God: Damages caused by natural disasters or other acts of God, such as earthquakes, floods or hurricanes, not specifically covered by the policy.
Cyber Attacks on Uncovered Systems: Damages caused by cyber attacks on systems or assets specifically not covered by the policy.
How much does Silverfort Cyber Insurance cost?
What is the average cost of cyber
insurance? The average annual premium for personal cyber insurance is between
$300 and $1,200, depending on the level of coverage and the specific deductible
you choose. The average cost of cyber insurance for a business is between $500
and $5,000 per year.
What is proof of Silverfort Cyber Insurance?
A certificate of insurance (COI) serves
as proof that you have a valid cyber insurance policy. It typically consists of
a single page that includes essential information such as the issuing insurer,
type of coverage, policy limits and deductibles, and any additional insureds.
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