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Cyber Insurance
Cyber insurance protects companies from third-party lawsuits relating to electric activities (i.e., phishing scams). Plus, it offers many recovery benefits, supporting data restoration and reimbursement for income lost and payroll spent.
What is Cyber Insurance
Cyber insurance protects companies from the financial and reputational fallout of a cyberattack, covering legal fees, credit monitoring, data breach notifications, and more. If a hacker tries to infiltrate your network, cyber insurance responds. With the cost of an attack averaging $4.5M, young companies can’t often withstand the hit — but cyber insurance protects their balance sheet.
Why you need Cyber insurance
Cyber Attack are Common & Expensive
Protects Against Financial Loss and Expenses
Maintains Legal Compliance
What Cyber Insurance Covers
Loss or Damage to Electronic Data
The expense to restore or recover lost data, plus the cost for outside experts to preserve or reconstruct your data.
Loss of Income or Extra Expenses
The income you lose and extra expenses to avoid or minimize a shutdown after your computer system fails.
Cyber Extortion Losses
The expenses you incur (with the insurer’s consent) to respond to an extortion demand and the money you pay the extortionist.
Customer Notification Costs
Policies may cover the cost of notifying parties affected by the data breach by government statutes or regulations.
Reputation Damage
The marketing and public relations costs to protect your company’s reputation following a data breach.
Defense Costs
Forensic and regulatory investigations, including preventative and betterment measures.
Legal Fees
The cost of hiring an attorney to assess your company’s legal obligation according to laws and regulations.
Claim Examples
Theft of Digital Assets
A U.S. based information technology company, ‘Merica, contracted with an overseas software vendor, Internacional. Internacional left universal “administrator” defaults installed on ‘Merica’s server and a “Hacker for Hire” was paid $20,000 to exploit such vulnerability. The hacker advised if the requested payment was not made he would post the records of millions of registered users on a blog available for all to see. The extortion expenses and extortion monies are expected to exceed $2,000,000.
Malicious Code Attack
An intern released a computer worm, causing a local tech service firm to shut down its systems for 18 hours. The incident, including repairs and business losses, cost the firm about $875,000.
Ransomware Attack on SyncNode Co.
SyncNode Co. was hit by a ransomware attack, encrypting its data and demanding a ransom payment of $1,00,000. Their cyber insurance covered the cost of the ransom payment and decrypting its data, enabling the young business to resume operations.
Partnering with Founder Shield
We’re a risk management partner for high-growth companies across emerging markets, striving to create the most seamless, intuitive, and responsive insurance-purchasing experience powered by proprietary technology and insurance products.
Trusted by Venture
10,000+
VC-backed companies served$33BN
Total Funding Raised by Clients72
NPS Score (Industry Average = 34)
Don’t just take our
word for it
With a Net Promoter Score of 70+, Founder Shield is one of the highest rated insurance companies in the market
Service and Capabilities
We custom-build insurance packages tailored to your industry, operational model, and fundraising activity that scale as you continue to grow and raise capital.
In-house claims advocacy team of lawyers to ensure optimal outcomes when your insurance package is needed most: claims situations.
We utilize our technology platform to streamline the application & renewal process and automate all back-end document generation and carrier API connectivity to balance the customer experience with maximum quoting reach.
We have access to over 200 markets including the top global insurance carries and specialty providers serving niche risks.
New Customer Testimonials
“Working with Foundershield makes managing insurance fun! The team is super hands-on, incredibly customer-centric and always a delight to work with. Additionally, their platform makes the renewal process super efficient and seamless. The team feels like an extension of our own, always keeping an eye out for our company’s best interests. I can’t recommend them enough.”
“We have a very weird business and couldn’t find anyone to provide us with insurance. I spent 5 months searching for insurance. Founder Shield was literally the only broker that would help me. As a founder, I need people who can take ownership and solve problems and Founder Shield knocked it out of the park.”
“We are a startup in Silicon Valley. I searched many insurance companies, couldn’t find a policy that meets our needs. Fortunately I found Founder Shield, its products are exactly tailored to the needs of a startup. Founder Shield’s online application system is very easy to use, its customer representatives are very professional, responsive, and act fast. I will definitely recommend to my friends who involve startups.”
“Founder Shield helped us through the process of determining what insurance policies we need and how much coverage we need. As a bootstrapped startup, that sort of expertise was invaluable. They demystified the insurance buying process.”
“If you’re a new startup and need or want insurance, there is no better option. I must have called almost EVERY traditional insurance company and insurance broker before someone told me about Founder Shield. They understand novel/creative new business models and were the only company that “got it”. In addition, they were able to help get something in place quickly, to address a time sensitive opportunity.”
“I think Founder Shield is great! They are always willing to go the extra mile in helping my company understand the complex insurance requirements that our customers have.”
Schedule Time with a Cyber Expert
We’ll be able to provide a real-time breakdown of your current risks and future insurance need. We’ll go over the following:
