Our Cyber Insurance FAQs

Cyber insurance is essential for businesses in today’s digital landscape. Here’s why you need it:

• Traditional insurance policies may not cover some or all cyber exposures. Cyber insurance addresses specific gaps left by traditional policies, including costs related to incident response, lost revenues, ransomware, and cyber-related reputational loss. Read more about the cyber coverages C&F offers.
• The average cost of cyber events can range from $120,000 to more than $5 million. For small businesses, the average cost is approximately $120,000 – $200,000. For a mid-size business, the costs range from $1 million to $2 million. Large businesses can face losses of up to $5 million. (Source: IBM, the Ponemon Institute and Verizon)
• Cyber loss prevention services included with your policy: Crum & Forster offers all our customers – regardless of size, free tools and resources to help prevent a cyber loss. Learn more about the services we offer.
• Expert help and specialized resources to help you respond to a cyber incident. Our Cyber Solutions Team is available 24/7/365 to swiftly respond to a cyber incident so you can maintain or restore your business operations. We’ll be with you and guide you throughout your incident while our Cyber Claims team manages your claim. Learn more about how we guide you through a cyber incident.

Crum & Forster partners with a network of trusted agents and brokers to provide cyber insurance to our customers. If you would like a cyber insurance policy from C&F, please contact your agent or broker.

Not all cyber insurance policies are alike. We designed our Simple Cyber insurance policy to be easier to read and easier to use.

Some of the coverages we offer include:

• Data breach response
• Data recovery
• Cyber extortion
• Incident response
• Network security liability
• Privacy liability
• Regulatory fines and penalties
• Business interruption loss

We offer Business Interruption Express to make the process of quantifying and receiving reimbursement for covered losses as simple as possible. Read more about Business Interruption Express.

Read more about what our Simple Cyber policy covers.

As much or as little as you like! We understand that your first focus is the day-to-day ongoing running of a business. We’ll stay out of the way, but we’re also there when you need us.

A good cyber risk management program includes insurance as well as careful exposure analysis with the implementation of the right controls. We offer our customers free, targeted cyber risk control services that can help prevent cyber incidents and may help reduce your cyber premium. Our customers also have access to a team of on-call experts. Read more about our incident prevention resources.

Equally important, we fully support our customers in the event of a cyber incident starting with 24/7/365 reporting and response. Our Cyber Solutions Team will connect you with the experts who can help you respond to and recover from an incident, including

• Crisis communication firms
• Cyber forensic firms
• Cyber incident response counsel
• Remediation partners

Our team will be part of your response team and will guide you throughout your incident. Read more about the cyber incident response services we offer.

We also offer a customer portal, CFCyberAssist.com where you can get help with specific questions, 24/7/365.

The cost of a cyber insurance policy will vary for each company and is based on the nature of your operations and what cyber loss prevention measures you have in place.

To help reduce your premium, take advantage of a CYBEReady call with our Cyber Solutions team. We’ll offer advice and guidance on steps you can take before you even apply for a policy to help lower the cost.

Learn more about our CYBEReady calls.

Taking steps to improve your cyber protections may help reduce your insurance premium. You can take advantage of a free, no-obligation CYBEReady call with our Cyber Solutions Team. We’ll offer advice and guidance on steps you can take before you even apply for a policy to help lower the cost.

Learn more about our CYBEReady calls.

In addition, implementing various risk control and loss mitigation tools and practices can help reduce the cost of your cyber policy.

If you are experiencing a cyber event – or even suspect you are – contact your insurance provider per your policy.

If you are a Crum & Forster cyber customer, contact our Cyber Solutions Team immediately at 877-271-8661. Our team of experts is available 24/7/365 to help you respond to and recover from a cyber incident.

Many traditional insurance policies exclude coverage for cyber incidents or include sub-limits that cap the amount you may receive for a covered claim. In addition, many cyber insurance policies provide coverage without regard to specific coverage overlap with or coverage gaps within traditional P&C insurance polices.

The Crum & Forster policy is different. Our Simple Cyber policy is designed to wrap around an entity’s existing P&C insurance program. The policy also includes a broad definition of “cyber event,” and offers full limits for many critical coverages. Learn more about what a Simple Cyber policy covers.