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What Does Cyber Security Insurance Cover?

Every business needs insurance to protect itself against certain risks. A new type of policy more companies realize they need is Indiana cybersecurity insurance. These policies provide funds to a company when it has suffered some kind of setback.

Investigative Fees

Following a hack, a company should conduct a comprehensive investigation into the issue. A company needs to pinpoint the source of the hack or else it could easily happen again. These funds can also be used to repair the damage already done. For larger companies, they may need to call upon the expertise of the FBI or local law enforcement agencies to look into the hack.

Lawsuits

When customers’ personal information has been stolen due to a company’s negligence, the business is open to lawsuits. The business needs to pay legal fees as well as settlements. In some cases, this can even go into the millions. Insurance may not cover everything, but it is better than paying for everything out of pocket and putting the future of the company in jeopardy.

Indiana cyber security insurance is also good for retaining funds related to business losses and notification of customers. When talking to an insurance agent, business owners should ask about what each specific policy covers before making an ultimate purchase.