Cyber insurance was developed to help companies manage the risks associated with storing and processing customer data.
In the event of a cyber incident or data breach, it can cover services that reduce the likelihood of a lawsuit. These might include...
Breach notification support
Credit monitoring services
If an impacted party decides to file a lawsuit, Cyber insurance can also cover the associated costs, including defense costs, settlements, and judgments.
This includes startups that…
Gather, store, and host customer data.
Manipulate customer data.
Host customer networks that include data from customers’ customers.
Because so many startups are fueled by data, Cyber insurance is often essential.
Even if you aren’t fueled by data, Vouch’s Cyber policy may offer protection. That’s because our coverage includes protection for social engineering and electronic funds transfer scams – both of which can happen to anyone at any time (more on that below).
Apply today and get Cyber coverage in as little as 24 hours.
As soon as you get the first form filled on your website, you’ve got customer data.
As with many other parts of running a startup, deciding when to get Cyber insurance requires you to consider many factors. For example:
What kind of customer data do you store? How sensitive is it?
How likely are you to experience a cyber incident that would lead to a regulatory action or a lawsuit?
What would be the impact of such a lawsuit? Could you afford it out of pocket?
Do you have (or will you have) any contractual obligations requiring Cyber insurance?
If your data is sensitive or opens you to regulatory or civil litigation risks, we strongly recommend purchasing Cyber insurance to protect your business.
Apply right now for Cyber Coverage.
Keep in mind, too, that data privacy laws (like the GDPR in Europe and the CCPA in California) are increasing businesses’ responsibility for protecting customer data.
These laws don’t just apply to startups based in Europe or California, either. They apply to any startup that serves even a single customer in Europe or California.
Simply put, data breaches are expensive.
If your startup is responsible for exposing certain data, you might be required to…
Conduct forensic analysis.
Notify affected customers of the breach.
Pay for credit monitoring for those affected.
Many states also fine businesses responsible for breaches on a per-record basis. And because it’s common for startups to have tens of thousands of customer records (or more), fines can add up fast.
It’s also possible that your startup could be sued for causing or failing to prevent a breach. In that case, your policy would likely cover defense costs.
Curious about your unique situation? Send your questions to email@example.com, and we’ll send you answers!
Cyber insurance typically offers two types of coverage: first-party and third-party.
First-party Cyber Coverage
Costs associated with a breach or attack on your startup’s computers or systems, including customer notification costs and credit monitoring costs.
Third-party Cyber Coverage
Costs associated with a hack or breach on a client, partner or vender system – when you're the host or otherwise responsible for maintaining or manipulating their data.
Cyber insurance has exploded in recent years. As a startup, you have more choices than ever for this policy.
Our policies are designed by founders for founders. Our application takes minutes, and involves zero PDFs. Once you apply, you can have coverage within 24 hours.
For Cyber insurance specifically, our product includes two features that startups often need but that aren’t always included in basic Cyber policies:
Social engineering coverage
Fraudsters pose as friends to trick people into sharing sensitive information they then use to breach your system. Vouch’s Cyber policy offers coverage for this type of loss.
Electronic funds transfer coverage
If a scammer tricks you or one of your employees into transferring funds to a malicious third party, our coverage is designed to compensate you for your losses. (Think it can’t happen to you? These schemes are getting advanced. Read this chilling tale of a savvy founder who wired $50k to a person he thought was his partner – but who wasn’t.)
Instead of a few weeks swapping PDFs with a broker, you can…
Apply in just 10 minutes.
Get covered within 24 hours.
Handle everything online.