Cyber Insurance for Maine Businesses

Regardless of whether your business is located in rural Maine or in a busier city such as Bangor or Portland, cyber insurance should be a serious consideration for your business. Cyber liability insurance can help to provide both small and large businesses with protection from data recovery costs, reputational damage, and income loss if certain data and records are stolen and/or exposed.

What Does Cyber Liability Cost?

Just as with other types of insurance coverages, there are some common factors that can impact the costs of cyber insurance. These factors may include, but are not limited to:

• The number of customers or clients you interact with.
• The type of data that your business handles.
• Your business’s revenue.
• The claims history of your business.
• Your business’s current cyber security protocols and protections.

Cyber Insurance Quotes for Maine Businesses

At Cross Insurance, we work with many insurance carriers – from local companies to national names. The process of requesting a cyber insurance quote for your business is as simple as filling out our form here, or if you prefer to call one of our experienced agents, you can find a list of our local offices along with their contact information here. 

What Types of Cyber Insurance Are Available?

 There are two main types of cyber liability coverage, first party and third party coverage.

• First Party Coverage

First party cyber insurance typically consists of coverage that helps protect your business from a data breach involving your own data. This coverage can help with the expenses associated with investigative services, interruptions to your business’ operations, and the recovery of data.

• Third Party Coverage

Third-party cyber insurance is for instances when a data breach or cyber-attack to your system results in a customer or client’s data becoming compromised. This type of coverage can help with certain expenses you may incur in notifying your affected clients, attorneys’ fees, settlement costs, and judgments incurred in connection to claims against you from affected clients.

Possible Types of Cyber Attacks

Whether you are a local retailer, chain restaurant, contractor, or real estate agent, you face the same risks that many other businesses do when it comes to the threats of cyber-attacks. The following are examples of potential threats that cyber insurance could respond to:

Malware

Malware, which is a malicious program that can come in the form of a virus, is commonly used by hackers and other cyber criminals to make money off of software flaws. Malware can purposely damage computers and the information they contain.

Identity Theft & Scams

Cyber identity theft and scams are commonly committed by stealing personal information through fraudulent transactions and fraud. Although identity theft and scams can result from cyber-attacks, they can also victimize people through other means. For example, a criminal can steal your wallet, gain sensitive information by ease dropping on a phone call, looking through your trash, or even finding your account number on an old receipt.

Phishing

One of the most common cyber-attacks is phishing. Phishing attacks use emails, texts, and malicious websites that appear to be trusted sources, such as charity organizations or online stores, to obtain user personal information.

More Insurance Coverages for Maine Businesses

With local offices throughout Maine, Cross Insurance can help you find coverage options for your business, including coverages such as general liability, professional liability, workers’ comp, and more. Reach out today to start the conversation.

 

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.