Business Cyber Security Insurance

Help protect your business from the financial impact of cybercrime.

Tips to Protect Yourself

Cybercrime protection

Data breach support

Business recovery

Protect more than your technology.

A cyberattack can affect much more than your computers. It can interrupt business operations, expose customer information, create unexpected expenses, and damage the trust you have built with customers.

Michigan First offers access to cyber security insurance designed to help businesses respond to covered cyber incidents and recover from their financial impact. Coverage can address risks ranging from data breaches and ransomware to fraudulent transfers and network-related business interruption.

Does your business need cyber security insurance?

Cyber risks are not limited to large corporations. Any organization that uses digital systems, accepts electronic payments, or stores sensitive information may be exposed to cyber-related losses.

Cyber security insurance may be worth considering if your business:

Accepts credit cards or other digital payments
Stores customer or employee information
Maintains financial, medical, or other confidential records
Relies on computer systems to operate
Sends or receives electronic payments
Uses email to communicate with vendors or customers
Could lose revenue if its systems became unavailable

Michigan First specifically identifies businesses that accept digital payments or maintain medical, financial, or other non-public customer information as businesses that should consider cyber coverage.

What can cyber security insurance cover?

Coverage may include protection for several common cyber-related risks.

Breach Response Costs

A data breach can require immediate investigation and communication. Coverage may help with eligible expenses such as:

Forensic investigation
Notification of affected individuals
Credit protection and monitoring services
Call center support
Crisis management and public relations

Cyber Extortion

Ransomware and other forms of cyber extortion can prevent a business from accessing important systems or information. Coverage may help with certain response expenses and eligible payments associated with network-based ransom demands.

Cybercrime & Fraud

Cybercriminals may impersonate employees, vendors, or customers in an attempt to redirect payments or steal funds.

Coverage may help address certain financial losses related to:

Social engineering
Reverse social engineering
Fraudulent funds transfers

Business Interruption

When a cyber incident takes systems offline, the effects can quickly reach your bottom line. Coverage may help replace eligible lost business income when network-dependent operations are interrupted by covered events such as hacking, viruses, technology failures, or programming errors.

Data Recovery

Important business information may be damaged, destroyed, or made inaccessible during a cyberattack. Coverage may help with eligible costs to restore, replace, or repair damaged data and software.

Privacy Protection

Businesses that collect or maintain confidential information may face additional expenses if that information is compromised.

Coverage may help with certain costs related to claims, regulatory investigations, privacy violations, network security failures, and the handling of personally identifiable or confidential business information.

Cyber insurance is one part of your security plan

Insurance can help address the financial consequences of a covered cyber incident, but prevention matters too.

Strong passwords, multifactor authentication, employee education, secure payment procedures, software updates, data backups, and careful review of unexpected requests can all play a role in protecting your organization.

Resources to help your business move forward.

Digital Banking

Payroll Services

Security Center

Self-Employment Tax Calculator

Commercial Loan Calculator

Knowledge to support your business.