Get Cyber Insurance for Your Business
Protect your business from lawsuits from cyberattacks, ransomware, social engineering, data breaches and more.
Why You Need Cyber Insurance
What does Cyber Insurance Cover?
Lost or Damaged Data Restoration
Lost or Damaged Data Restoration
The expense to restore or recover lost data, plus the cost for outside experts to preserve or reconstruct your data.
Cyber Extortion Costs
Cyber Extortion Costs
The expenses you incur (with the insurer’s consent) to respond to an extortion demand and the money you pay the extortionist.
Loss of Income
Loss of Income
The income you lose and extra expenses to avoid or minimize a shutdown after your computer system fails.
Notification Costs
Notification Costs
The cost of notifying individuals, customers, or employees affected by the cyberattack by government statutes and regulations.
Crisis/Reputation Management
Crisis/Reputation Management
The marketing and public relations costs to protect your company’s reputation after a data breach.
Legal Fees
Legal Fees
The legal defense costs including attorney fees, court costs, and any settlements or judgments that arise from lawsuits related to cyber incidents.
Who Needs Cyber Insurance?
Given US data breaches cost an average of more than $4 million, companies of all sizes should consider cybersecurity a top priority.
Healthcare
Managing sensitive patient data, healthcare entities need cyber insurance to mitigate financial risks from data breaches and maintain compliance with privacy laws.
SaaS/Tech
Operating predominantly online and holding user data, SaaS/Tech companies need cyber insurance to cover liabilities from software bugs, data breaches, and ensure business continuity.
Financial Services
Handling substantial personal and financial data, financial firms need cyber insurance to mitigate financial impact of data breaches, fraud, and maintain regulatory compliance.
Ecommerce
Processing numerous online transactions daily, ecommerce platforms need cyber insurance to cover costs from potential data breaches and secure customer information.
& More
All businesses handling sensitive data or relying on digital infrastructure should consider cyber insurance to mitigate financial risks from cyber threats and data breaches.
How much does Cyber Insurance cost?
Disclaimer: Your actual cyber insurance cost is influenced by the quantity and nature of data you store, internal controls, your industry, customer base, and revenue.
| Incidents | Cost Without Insurance |
|---|---|
|
Data breach lawsuits |
$1 million to $100 million |
|
Ransomware lawsuits |
$250,000 to $5 million |
|
Business interruption lawsuits |
$1 million to $100 million |
|
Negligence lawsuits |
$500,000 to $10 million |
| Incidents | Cost Without Insurance |
|---|---|
|
Data breach lawsuits |
$1 million to $100 million |
|
Ransomware lawsuits |
$250,000 to $5 million |
|
Business interruption lawsuits |
$1 million to $100 million |
|
Negligence lawsuits |
$500,000 to $10 million |
How to Get Started
Submit an application and have our 1-1 advisor evaluate your startup’s unique vulnerabilities and potential liabilities.
Select tailored insurance policies that address your startup’s specific needs.
Connect with a trusted insurance provider and secure your startup’s future.
Over 9,000 Startups Protected by Founder Shield
“I was referred to Founder Shield by a friend who works with technology-based startups as I do… Founder Shield was simple – go to the website, fill out the form, get a quote quickly, pay and Voila – you are insured. I need a highly rated insurer and they delivered. Could not be simpler. I highly recommend Founder Shield.”
“The Founder Shield team is a wonderful and supportive partner… Not only are they 100% devoted to insuring compliance, they provide continuous guidance. Our dedicated account manager is extraordinary – goes above and beyond to ensure all of our needs are met.”
“ Excellent and very reliable customer service. Founder Shield not only worked with us and helped us gain competitive insurance coverage in a field that is very new, they also went above and beyond in communicating directly with authorities to help us ease through the process of gaining permission to operate. ”
Case Studies
Theft of Digital Assets
Theft of Digital Assets
Incurring nearly $5,000,000, SellYouLater faced a data breach when two laptops were stolen from a third-party service provider, exposing data of over 800,000 clients. The legal onus fell on SellYouLater to notify the affected individuals.
Cyber Extortion Threat
Cyber Extortion Threat
Facing extortion costs exceeding $2,000,000, ‘Merica dealt with a security lapse by their overseas software vendor, Internacional. A hacker exploited unsecured “administrator” defaults, threatening to publicize millions of user records.
Malicious Code
Malicious Code
A regional firm incurred around $875,000 in costs when an intern released a malicious computer worm, causing an 18-hour system shutdown. The costs covered system repair, restoration, and business interruption.
Exposed Records
Exposed Records
After a breach exposed over 365,000 customers’ sensitive information, SaaSyAttitude now faces a state attorney general settlement. The organization must provide credit services to affected customers and revamp its security policies.
Schedule a time to speak with a Cyber Insurance Advisor
