In today’s increasingly digital world, many exchanges occur online, where information may be vulnerable to cybercriminals. If your company handles sensitive information, it’s vital to be prepared for a potential cybersecurity attack.
GovTech™ provides the cybersecurity insurance government contractors need to protect them from liability related to data breaches. Contact us today for an instant quote.
What is Cyber Liability Insurance?
Since computers and digital threats are relatively new, cyber liability is still an evolving area of insurance. The purpose is to cover liability for breaches of sensitive information, such as Social Security numbers, confidential client information, and private business and health information.
Coverage may extend to several expenses you incur after a data breach or hack, helping you:
- Contain the crisis more effectively
- Recover more easily
- Move on more quickly
With the right policy, you can avoid both the explicit costs and implicit damage done to your company’s reputation after the attack.
Who Needs Cyber Liability Coverage?
According to the Identity Theft Resource Center, 1,244 data breaches occurred in 2018 within the financial, business, education, government, and healthcare sectors. In all, nearly 450 million consumer records were exposed, a 126% increase from 2017.
Any company that uses digital storage—including computer hard drives and the cloud—should have some form of cyber liability coverage. Although breaches at big corporations are the most high-profile cases, small organizations are the most vulnerable to a cyber attack.
Cyber Insurance Requirements for Government Contractors
Cyber insurance may be optional for many organizations, but it’s becoming a requirement under more and more government contracts.
As of January 1, 2018, all new Department of Defense (DOD) and Defense Federal Acquisition Regulation (DFAR) contracts or rebids now require cyber coverage that is compliant with the National Institute of Standards and Technology (NIST) framework.
As cybersecurity breaches become increasingly common, other government contracts are expected to begin having the same requirements in the near future.
GovTech™ provides cyber insurance for federal contractors. We are the only insurance provider that specializes in GovCon ecosystems.
Contact us today to find out more about our coverage options and get a quote.
What Does Cyber Security Insurance Cover?
There’s no such thing as standard cybersecurity insurance. When you select coverage from GovTech™, you’ll receive help paying for immediate expenses, as well as recovery costs associated with data breaches, cyber extortion, malicious software, or computer fraud, including:
- Data loss or destruction
- Lost profits from interrupted business operations
- Funds transfer loss
- Notification costs
- Credit monitoring
- Legal claims
- Fines and penalties
- And more
Choose GovTech™ for Government Contractor Cyber Liability Coverage
At GovTech™, we offer several liability insurance options for federal and state government contractors, and we take care to tailor every plan to fit the needs of our policyholders. Specialized cyber liability insurance means you can expect the best coverage for the type of work you do. Hundreds of contractors in cities like Washington, DC; San Diego, CA; Boulder, CO; Norfolk, Virginia; and San Antonio, Texas have come to rely on us for timely, affordable coverage.
Contact GovTech™ to discover what customized cyber insurance for federal contractors can do for you.