Ohio Cyber Insurance

Ohio is ranked 7th in the nation for the number of cybercrime victims. Cybercrime is any illegal activity that involves a computer, a network, or a device connected to the internet. Cybercriminals use various methods to steal money, data, or personal information from individuals, businesses, or organizations. Some of the common types of cybercrime are phishing, identity theft, ransomware, fraud, and hacking. 

To protect yourself and your assets from cyberattacks, you may want to consider getting cyber insurance. Cyber insurance is a type of insurance that covers the costs and losses resulting from cyber incidents. It can help you recover from financial damages, legal liabilities, and reputational harm caused by cybercrime. Cyber insurance can also provide you with access to experts and resources to help you respond to and recover from cyber incidents.

At Bellwether Insurance, we have the expertise and experience to help you protect your business from data breaches, ransomware attacks, network disruptions and other cyber risks. We offer customized cyber insurance policies that cover various scenarios and costs, such as regulatory fines, lawsuits and reputational damages. 

We can also help you assess your cyber risk exposure and provide you with cyber compliance tools and experts. No matter the size or industry of your business, we have a cyber insurance plan that suits your needs and budget. 



Get in touch with us today for a free quote and consultation!

• Notification costs: The cost of informing your customers, employees, and other stakeholders about the breach and providing them with identity theft protection services.
• Legal defense: The cost of hiring lawyers and experts to defend you against lawsuits or regulatory actions resulting from the breach.
• Settlements and judgments: The amount of money you have to pay to settle or resolve the claims against you.
• Forensic investigation: The cost of hiring specialists to determine the cause and extent of the breach and to restore your systems and data.
• Business interruption: The loss of income or profits due to the disruption of your normal operations caused by the breach.
• Cyber extortion: The amount of money you have to pay to hackers who threaten to release or destroy your data unless you pay a ransom.
  

Some of the common types of coverage include:

First-party coverage is a type of cyber insurance that helps a business cover the costs of responding to a cyberattack or a data breach on its own network or systems. For example, if a hacker steals customer data from a business's website, first-party coverage can help pay for notifying the customers, offering credit monitoring services, investigating the source of the breach, restoring the reputation of the business, and recovering lost revenue due to business interruption.

Third-party coverage is a type of cyber insurance that protects your business from liability claims arising from a data breach or cyber attack on a third party's network or systems. For example, if you are a web developer and your client's website is hacked, resulting in the theft of customer data, you could be sued for negligence or breach of contract. Third-party coverage can help you pay for legal fees, settlements, damages, and fines related to the cyber incident.

Cyber extortion coverage is a type of cyber insurance that protects businesses and individuals from the costs and consequences of cyberattacks that demand ransom or other forms of payment in exchange for not harming their systems or data. Cyber extortion can take various forms, such as ransomware, denial-of-service attacks, or threats of data breach or cyberbullying.



Cyber extortion coverage can help pay for the expenses of responding to a cyber extortion incident, such as hiring a security expert, negotiating with the attacker, paying the ransom or other fees, restoring the data and systems, notifying the affected parties, and dealing with any legal claims or regulatory penalties. Cyber extortion coverage can also provide access to prevention and mitigation services, such as risk assessments, security audits, and crisis management.

Cybercrime coverage protects businesses and individuals from the risks of cyberattacks, such as data breaches, ransomware, identity theft, and cyberbullying. Cybercrime coverage can help pay for the costs of restoring lost or stolen data, hiring experts to investigate and respond to the incident, providing legal and public relations assistance, and compensating for any financial losses or emotional damages.

Cybercrime coverage is especially important for businesses in Ohio, as the state has strict laws and regulations regarding the protection of personal information and the notification of affected customers in the event of a data breach. Ohio also offers incentives for businesses that adopt certain cybersecurity best practices, such as obtaining cyber insurance and complying with industry standards.

The cost of cyber insurance depends on various factors, such as the industry, the size, the revenue, the risk exposure, the coverage limits, and the deductible of the business. 

Different industries have different levels of cyber risk and different types of data that may be compromised. For example, industries that handle sensitive personal or financial information, such as payment processing, financial services, or healthcare, may face higher cyber insurance premiums than industries that have less data exposure, such as transportation or manufacturing.



The cost of cyber insurance for companies with $1 million in revenue for $1 million in cyber liability coverage and a $10,000 retention ranges from $909 to $2,449.

• Compare different cyber insurance providers and policies to find the best coverage and price for your business. 
• Identify the potential cyber threats and vulnerabilities that your business faces and how they could impact your operations, reputation, and finances. 
• Reduce your exposure to cyberattacks by following best practices for data protection, such as encrypting sensitive information, using strong passwords, updating software, training employees, and backing up data. 
• Select a cyber insurance policy that matches your specific needs and risks. You may not need all the coverage options that are offered, such as business interruption, extortion, or third-party liability. You can also adjust your deductible and limit to suit your budget and risk tolerance.
• Review your policy regularly. Cyber risks are constantly evolving and changing, so you should review your cyber insurance policy at least once a year to make sure it still covers your current situation and needs. You should also notify your insurer of any changes in your business activities, such as expanding to new markets, launching new products, or hiring more staff.
• Report incidents promptly. If you experience a cyberattack or data breach, you should report it to your insurer as soon as possible to activate your coverage and get assistance. 
• Claim discounts and incentives. Some cyber insurance providers may offer discounts or incentives for businesses that demonstrate good cyber hygiene and security practices.
  

Let our experts help you find the best contractors’ insurance for your business in Ohio. We compare premiums from different providers and offer you customized quotes based on your needs and budget. 



Contact us today and get started with a free consultation.