NETdepot’s Online Gateway to Cyber Insurance

CYBER INSURANCE

NETdepot’s Online Gateway to Cyber Insurance

NETdepot takes the cybersecurity of our network and that of our clients very seriously. In addition to the cybersecurity technology solutions we provide, NETdepot's Online Gateway to Cyber Insurance represents an essential piece of the puzzle for most businesses. That is why we've introduced ePAK powered by iBynd to bring you a user-friendly web-based experience to shop and bind tailored cyber insurance with just a few buttons.

Many of our clients share the frustration of having to bind specific limits of cyber coverage quickly to meet the requirements of the vendors, clients, and technology partners we do business with. Eliminate the time it takes to contact your general insurance agent, who generally spends weeks searching and procuring a cyber policy, when you can go right to the source to bind coverage in just minutes! It's easy, robust, and supported by a wealth of cyber liability carriers that are among the best in the industry.

HOW IT WORKS

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RATE

  • Digital underwriting and quoting are guided by an intuitive interface
  • Streamlined underwriting questions based on carrier business rules, product, and risk characteristics
  • AI (Artificial Intelligence) powered underwriting speeds the process for everyone

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QUOTE

  • Quoting is fast, with the price provided within 3 minutes
  • Real-time API calls yield firm underwriting acceptance decisions, price, and policy billing options
  • Changes can be made live during the rate, quote, or binding process with immediate pricing updates
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BIND

  • Policies are bound in realtime; billing and documents are available instantly
  • A secure, scalable platform that is easy to update, and powerful a dashboard to enable business management

Why Do I Need Cyber Insurance?

Cyber Insurance helps companies comply with state regulations that require a business to notify customers of a data breach involving personally identifiable information.

Policies can also cover:

  • Indemnification for legal fees and expenses
  • Customer notifications in the event of a breach and many of the expenses triggered by a breach: forensics, legal, notifications, etc.
  • Option to monitor the information of anyone impacted for a specified period
  • Costs incurred in the recovery of compromised data
  • Costs for the repair of damaged computer systems

Common Cyber Risks:

1. Invoice manipulation, fraudulent funds transfer
a. Cybercriminals manipulate your email or phone systems and lead you or your staff to pay fake invoices

2. Phishing and Email Scams
a. Email-based attacks have skyrocketed since COVID as cybercriminals take advantage of the pandemic

3. Ransom and Business Interruption
a. Shut down due to a cyber incident such as a ransomware attack
b. A cyber attack could also impact your data backups, making restoring your customers' sensitive files nearly impossible

4. Compromise of Customers' and Supply Chain Data
a. Cyber incidents might lead to the compromise of customers' or suppliers' data and could damage your reputation
b. Incidents might make your files and data inaccessible

What Does Cyber Insurance Cost?

Cyber Insurance can range from as little as $1,000 per year to $15,000+ per year. Plans vary depending on the kind of insurance plan you purchase, how big your company is, how many different aspects of cybercrime you want to protect, and how well protected you already are.

The more complex your coverage is, the more expensive it will be. On the other hand, limiting data access to only a small number of people would save you money. By limiting data access, you are showing the insurer that although you need their coverage, the likelihood of you being the victim of a cyber attack is small.

Similarly, if you've already had many data breaches in the past and have not shown high care for your servers and the private data that they hold, your coverage will be more expensive.

What Does Cyber Insurance Cover?

  • Cyber, Privacy, and Network Security
  • Network Extortion
  • Payment Card Loss
  • Regulatory Proceedings
  • Media Liability
  • Cyber Incident Response
  • Business Interruption/Loss of Income/Extra Expenses
  • Digital Data Recovery
  • Social Engineering
  • Funds Transfer/Computer Fraud

Get your quote today and protect your company.