Don’t Let Cyber Attacks Cripple Your Business

To keep it simple, cyber insurance is like your car insurance. You pay a premium each month to protect you and your vehicle in the unlikely event of an accident. A cyber warranty (or cyber insurance protection) is akin to your AAA membership or your protection plan at the dealership. It’s complementary to your car insurance but the coverage extends to the everyday headaches, protecting you against a flat tire, a dead battery, etc. 

Cyber insurance generally covers liability for data breach involving sensitive customer information. It can help with costs like legal fees, data recovery, business interruption, customer notification, identity restoration and crisis communication. Insurance can be expensive and typically has a long manual and complex application and approval process. It can have higher policy limits with high deductibles.  

Cyber warranty protection bridges a key gap in the financial protection stack and can have advanced technology to prevent and mitigate cyber threats. It typically includes coverage for recovery costs, incident response or business interruption loss from certain cyber attacks. The Cork warranty specifically is designed to cover common cyber attacks (ransomware, phishing, business email compromise (BEC)) that target small and medium businesses, whereas cyber insurance is comprehensive protection that generally covers any and all cyber risks. As a result, the Cork cyber warranty does not require a deductible, making it more affordable for small and medium businesses. 

A cyber warranty is complementary to your cyber insurance policy. Just as your AAA membership provides additive benefits to your car insurance premium, Cork is designed to do the same. By adding Cork cyber warranty protection, we provide you with instant cost coverage for data recovery services, business interruption loss, incident response services, and more.  

The security tools we currently have in place are designed to provide comprehensive protection and prevent permanent data loss. A cyber warranty is an extra layer of protection, designed to safeguard your business against financial loss due to common cyber attacks like ransomware, phishing, and business email compromise (BEC). In fact, the security tools we use today help to underwrite your coverage and ensure claims are approved and paid within days. 

Cyber crime is at an all time high, with the average cost of an attack around $300k to small businesses. These exorbitant costs have the potential to put your business out of business. For a few dollars a day, a cyber warranty ensures you have the financial protection you need to keep your business running. 

As your IT/Managed Service Provider (MSP), I work directly with Cork to integrate your existing security tools into their platform. Once integrated, Cork’s risk monitoring platform helps identify and detect potential security gaps that could be exploited by an attacker and engages your MSP to remediate them quickly. In the event a cyber attack occurs, Cork uses real-time critical insights from your security stack to validate that the right protections were in place and streamline the path to settlement in just days.

Our unique approach minimizes your risk of cyber attacks, but in the event Ransomware, Business Email Compromise and Spear Phishing incidents do occur, we will cover costs such as business interruption loss, incident response service and more.  

Once the cyber insurance and protection has been purchased, you will receive an email from us. That email will contain the protection contract from Cork. You will need to accept the agreement to activate and allow the risk monitoring platform to begin monitoring your security posture. 

The warranty agreement is for a one-year term, beginning from the date of purchase. The warranty is not active until you sign and accept the agreement. 

Cork underwrites the program to allow flexibility for designing a holistic product made for small businesses. Backed by top-rated reinsurance companies, you can rest easy having the assurance you can count on. 

If you experience a cyberattack that has resulted in a financial loss, we will file the claim on your behalf. Upon approval, Cork will distribute funds directly into an account that you control to cover eligible expenses.