skip to main content
Travelers Logo
  • About
  • Careers
  • Agents
  • Investors
  • Sustainability
  • Contact Us
  • For Individuals
    • Overview
    • Products
      • Car
      • Home
      • Renters
      • Condo
      • Landlord
      • Boat & Yacht
      • Flood
      • Motorcycle
      • Travel
      • Pet
      • Weddings
      • Umbrella
      • All Products
    • Prepare & Prevent
      • Insurance 101
      • Home Central
      • Travelers Garage
      • Managing Through COVID-19
    • Affinity Group Discount
    • Online Service
    • Pay Your Bill
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • For Business
    • Overview
    • Products & Solutions
      • Overview
      • Boiler & Machinery
      • Commercial Auto & Trucking
      • Cyber
      • Environmental Liability
      • Excess Casualty & Umbrella
      • General Liability
      • Global Insurance
      • Inland Marine
      • Management & Professional Liability
      • Ocean Marine
      • Property
      • Business Owner's Policy
      • Surety Bonds
      • Workers Compensation
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Industries
      • Overview
      • Agribusiness
      • Architects, Engineers & Surveyors
      • Auto & Truck Dealers
      • Business & Professional Services
      • Construction
      • Education
      • Energy & Renewable
      • Equipment Dealers
      • Financial Institutions
      • Food Services
      • Health & Related Services
      • Hospitality & Recreation
      • Manufacturing
      • Marine Industries
      • Museums & Fine Art
      • Non-Profit
      • Oil & Gas
      • Public Entities
      • Real Estate
      • Retail
      • Technology
      • Transportation
      • Wholesale & Distribution
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Services
      • Overview
      • Risk Control
      • Claim
      • Premium Audit
      • Online Customer Tools
      • Risk Management Information Services
      • Travelers Client Advantage
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Small Business
      • Overview
      • Automobile Insurance
      • Business Owner's Policy
      • Data Breach
      • Employment Practices Liability
      • Professional Insurance
      • Umbrella Insurance
      • Workers Compensation Inurance
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Large Business
      • Overview
      • Casualty
      • Cyber
      • Management & Professional Liability
      • Property
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Multinational Business
    • Prepare & Prevent
      • By Topic
      • By Industry
      • Navigating Your Business Through COVID-19
        • Find an Agent
        • File a Claim
        • Pay Your Bill
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • Claim Center
    • Claim Center
    • Should I File a Claim?
    • File a Claim
    • Roadside Assistance
    • Find a Service Provider
    • Check Your Claim Status
    • Manage Your Claim Experience
      • Understanding the Claim Process
      • Claim Guide Library
      • Workers Compensation Resources
    • Claim Capabilities
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • Prepare & Prevent
    • For Individuals
    • Home Central
      • Buying & Selling
      • Home Maintenance
      • Home Renovation
      • Home Safety
      • Moving
      • Smart Home
    • Travelers Garage
      • Buying & Selling
      • Car Maintenance
      • Distracted Driving
      • Safe Driving
      • Teen Driving
      • Boating
    • Insurance 101
    • Weather
    • For Business
    • Industries
      • Construction
      • Manufacturing
      • Nonprofit
      • Small Business
      • Technology
    • Topics
      • Business Continuity
      • Cyber
      • Driver and Fleet Safety
      • Facilities Management
      • Internet of Things
      • Product and Services Liability
      • Supply Chain Management
      • Workplace Safety
    • Travelers Risk Index
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • About Travelers
    • Overview
      • Awards & Recognition
      • Careers
      • Community
      • Diversity & Inclusion
      • Sustainability
      • History
      • Investors
      • Media Resources
      • News
      • Travelers Championship
      • Travelers Institute
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
    • Get a Quote
    • Find an Agent
    • File a Claim
    • Pay Your Bill
Main Navigation
  • For Individuals
      • Insurance for Individuals
      • Products
        • Car
        • Home
        • Renters
        • Condo
        • Landlord
        • Boat & Yacht
        • Flood
        • Motorcycle
        • Travel
        • Pet
        • Weddings & Events
        • Umbrella
        • More
      • Prepare & Prevent
        • Insurance 101
        • Home Central
        • Travelers Garage
      • Affinity Group Discount
      • Online Service
      • Pay Your Bill
    • Get a home quote now

      It's easy to get a free quote for home insurance from Travelers in just a few minutes.

       

      Get a home quote now
  • For Business
      • Products & Solutions
        • Commercial Auto & Trucking
        • Cyber
        • General Liability
        • Management & Professional Liability
        • Property
        • Business Owner's Policy
        • Surety Bonds
        • Workers Compensation
        • More
      • Industries
        • Construction
        • Energy & Renewable
        • Financial Institutions
        • Healthcare
        • Manufacturing
        • Real Estate
        • Technology
        • Transportation
        • More
      • Prepare & Prevent
      • Services
        • Risk Control
        • Claim
        • Premium Audit
        • More
      • Pay Your Bill
      • Small Business
      • Large Business
      • Multinational Business
      • For Business Overview
    • Tips for Managing Risks Related to a Remote Workforce

      Tips for Managing Risks Related to a Remote Workforce

      With the current reality of more employees working from home through the pandemic, is your business ready for all the implications?

      Learn more
  • Claim Center
      • Claim Center
      • Should I File a Claim?
      • File a Claim
      • Roadside Assistance
      • Find a Service Provider
      • Check Your Claim Status
      • Manage Your Claim Experience
        • Understanding the Claim Process
        • Claim Guide Library
        • Workers Compensation Resources
      • Claim Capabilities
    • Send us your receipts, photos, invoices and more with just a push of a button.

      Securely share information with your Claim team.

      Send us your receipts, photos, invoices and more with just a push of a button.

      Upload a File
  • Prepare & Prevent
      • For Individuals
      • Home Central
        • Buying & Selling
        • Home Maintenance
        • Home Renovation
        • Home Safety
        • Moving
        • Smart Home
      • Travelers Garage
        • Buying & Selling
        • Car Maintenance
        • Distracted Driving
        • Safe Driving
        • Teen Driving
        • Boating
      • Insurance 101
      • Weather
      • For Business
      • Industries
        • Construction
        • Energy
        • Manufacturing
        • Nonprofit
        • Small Business
        • Technology
      • Topics
        • Business Continuity
        • Cyber
        • Driver and Fleet Safety
        • Facilities Management
        • Internet of Things
        • Product and Services Liability
        • Supply Chain Management
        • Workplace Safety
      • Travelers Risk Index
    • Managing Through COVID-19

      Managing Through COVID-19

      Resources to help you adapt to the realities of COVID-19.

      Learn more
  • Home
  • Cyber Insurance
  • 4 Ways Cyber Insurance Helps Protect Your Business

4 Ways Cyber Insurance Helps Protect Your Business

Cyber Insurance Protects Businesses Cyber Insurance Protects Businesses

Any business that uses technology or collects data is at risk of a cyber attack, and the results can be catastrophic—one study suggests the average cost to rectify a data breach is now $7 million*. Without securing a dedicated cyber policy, most businesses likely do not have adequate insurance coverage following a data breach.

Cyber insurance can be essential in helping your company recover after a data breach, with costs that can include business disruption, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis and costs associated with legally mandated notifications. A lesser-known benefit of cyber insurance is the role it can play in protecting your company long before a breach occurs.

“At Travelers, we want to help you avoid a data breach in the first place,” explains Tim Francis, Travelers’ Enterprise Cyber Lead. “While that’s not always possible, by connecting companies to cyber resources to help learn about cyber risks, data security best practices and incident response planning, we can help companies prepare themselves to better respond to and withstand a data breach.”

For example, Travelers encourages companies to create, implement and test a business continuity plan and an incident response plan. Also, companies should consider having a secondary system available for online access and ensure this system is tested regularly for functionality. Implementing an intrusion detection system on your network can help companies respond to attacks sooner.

Following are some ways that cyber insurance can provide coverage:

Lost Data

Companies are responsible for their online data, no matter where it is stored. Whether it is stored on your property, in an offsite data warehouse or in a third-party technology company cloud, you may be held liable if any personally identifiable information (PII) or protected health information (PHI) gets exposed.

To help protect your company’s data, Travelers cyber professionals recommend you understand where all of your private or confidential information is stored. Create and test policies and procedures concerning the collection and storage of data, and have a document retention procedure in place to ensure you avoid keeping data you do not need.

If a breach does occur, a Travelers cyber policy can cover breach notifications and remediation expenses, subject to the applicable retention. It also can cover defense expenses such as responding to and cooperating with regulatory investigators.
 
Lost Devices

Today’s mobile workforce means that laptops and other mobile devices often leave the workplace premises and may be stolen or compromised, potentially exposing private or confidential data. While you cannot completely prevent theft or loss, your organization can take steps to protect and limit the amount of data on each device, such as implementing procedures for using effective passwords and mandating periodic changes. Avoid storing any private or confidential data on laptops. Or, if necessary, store only encrypted data or access it via a secure connection to a server.

If a breach does occur, a Travelers cyber policy can include Network and Information Security Liability coverage, which provides protection for failure to prevent unauthorized access to, or use of, data containing private or confidential information of others. The costs for a single lost laptop can include more than just the cost of the device, such as legal costs, investigation and miscellaneous expenses. 

Notification Requirements

Notifying customers of a breach and other post-breach responses, which is mandated by law, can add up, averaging $1.72 million according to one survey of U.S. businesses.* As part of the a cyber policy, Travelers would refer the customer to a law firm to serve as counsel and breach coach and help reimburse those costs, subject to the applicable retention. An incident breach response vendor would also be recommended to handle customer notifications, in keeping with state laws when personal information is compromised.
 
Forensics

Computer forensics teams can determine the extent of a breach and whether private customer information may have been compromised. A Travelers cyber policy would reimburse the insured, subject to applicable retention, for computer forensic experts. The policy also could provide coverage for potential business loss and extra expenses that may occur during the period of business restoration.

Travelers customers have access to risk management services, cyber security experts and other resources to help prevent a data breach. Having cyber insurance can help prepare your company to respond effectively in the critical hours and days following a data breach.

Source:  *Ponemon Institute 2016 Cost of Data Breach Study
Learn More About Travelers Cyber Insurance Options

More Prepare & Prevent

Boost Your Cyber IQ Quiz

Test Your Knowledge of Cyber Risk Terms

Help protect your organization against cyber security risks by sharpening your cyber knowledge.

Anatomy of a Main Street Hack

Anatomy of a Main Street Hack

A look at how small- to mid-sized companies are vulnerable, what is at stake, and methods to help protect against hacking and data breaches.

Person checking laptop for ransomware

What Is the Current Ransomware Landscape? [Video & Infographic]

Ransomware is the fastest growing malware threat, targeting users of all types. View this infographic to learn more.

Top Stories
Cyber Risk Pressure Test

Is Your Data Secured?

Help protect your data from cyber attacks. Find gaps with The Cyber Risk Pressure Test.

  • Take the test

Related Content

  • Travelers Cyber Advantage Helps Businesses Understand Cyber Coverage
  • Find Out More about Travelers Cyber Solutions for Cyber Risks
  • See How Travelers Can Help Uncover Cyber Risks [Video]

Find an Agent

An independent insurance agent can help you make the choices that are right for you.

  • Start Now

See All Cyber Content


Find an Agent

Need an Agent?

Get the personal service and attention that an agent provides.

Find a local agent in your area:

Travelers logo

Travelers and The Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.
© 2023 The Travelers Indemnity Company. All rights reserved.

  • Travelers on Facebook
  • Travelers on YouTube
  • Travelers on Twitter
  • Travelers on LinkedIn
  • Travelers on Instagram

Products & Services

  • For Individuals
  • For Businesses
  • Claim Services
  • Prepare & Prevent

Our Company

  • About Travelers
  • Careers
  • Investors
  • Sustainability
  • Travelers Institute

Connect

  • Customer Support
  • MyTravelers®
  • For Agents
  • Find an Agent

Legal & Compliance

  • Terms of Service
  • Privacy & Security
  • Cookie Settings
  • Accessibility
  • Producer Compensation Disclosure

This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations.