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While Maryland may not be as vulnerable to cyberattacks as highly populated states like California and Florida, business owners in Laurel, MD, should still ensure they have sufficient cyber insurance to protect against breaches or hacks. Cybercrime is on the rise, and hackers are targeting businesses across industries.
Understanding the Options
Cyber insurance falls into two main categories: first-party and third-party. These options serve different purposes and work together to provide comprehensive protection for business owners.
First-Party Insurance
First-party insurance covers your business directly. It provides compensation for ransom payments, fines, and IT repairs. Additionally, it covers the costs of notifying affected customers of the breach and providing credit monitoring services. It also includes expenses related to investigating the attack’s cause.
Third-Party Insurance
Third-party cyber insurance covers legal expenses resulting from a data breach. These lawsuits often occur when vulnerabilities in one company’s IT network allow hackers to access other companies’ networks. Claims can reach tens of millions of dollars. With third-party coverage, you can hire legal representation, pay for out-of-court settlements, or cover judgments against your business.
Contact Mid Atlantic Insurance Financial for More Information
Mid Atlantic Insurance Financial proudly serves business owners and entrepreneurs in and around Laurel, MD. We offer a variety of commercial insurance policies and bundles from multiple carriers, making it easy to find coverage tailored to your business’s needs. Contact us today to learn more about commercial cyber insurance or to request price quotes for specific policies.