Business Cyber Security Insurance

Imagine what would happen if one of your employees clicked on a link in a phishing email that appeared to come from one of your vendors. A cyber criminal gains access to your entire server, steals credit card numbers of customers and holds your system hostage so no sales can be made. It's a nightmare scenario for any business's reputation and bottom line.

Michigan First has partnered with a nationwide leader in cyber security insurance to help protect your business from data breaches and other security issues.

What is covered:
 

• Breach Costs: Covers costs associated with responding to a breach, such as forensic costs to confirm and identify the breach, costs to notify affected individuals, credit protection services, including costs to staff a call center for redemption of monitoring offers, and crisis management and public relations costs.
   
• Cyber Extortion: Covers response costs and financial payments associated with network-based ransom demands. With the proliferation of ransomware and anonymous currencies such as Bitcoin, network extortion demands are on the rise. In the digital world, intangible assets are 'kidnapped' and used to extort individuals through threats to shut down a system or divulge sensitive or proprietary information if a ransom is not paid.
   
• Cyber Crime: Covers financial losses associated with social engineering, reverse social engineering, and funds transfer fraud. Social engineering is when someone uses electronic means to impersonate your client, vendor, or employee to deceive your company into transferring or delivering financial assets. Reverse social engineering is when a cybercriminal uses your computer system to deceive your client or vendor into transferring money intended for you to another person or entity.
   
• Business Interruption: Covers lost business income when a company has its network-dependent revenue interrupted. Technology growth has created new business income perils, such as viruses, tech failures, programming errors, and computer hacking, so cyber coverage is needed to pay for interruptions from these events as well.
   
• Data Recovery: Covers costs to replace, restore, or repair damaged or destroyed data and software. In a digital world, property is no longer exclusively tangible, so cyber coverage is needed to pay for intangible data recovery costs.
   
• Privacy Protection: Covers costs to defend and resolve claims with regard to the handling of personally identifiable or confidential corporate information. Covers negligence, violation of privacy or consumer protection law, breach of contract and regulatory investigations. Covers issues resulting from the failure of network security, including the negligent transmission of a virus.
   

If your business accepts credit cards or other digital payments and/or keeps medical, financial or non-public information about your customers, cyber security insurance is a must.