Home
•
Insurance Products

Cyber Insurance

Cyber Insurance offers protection for firms that handle and store sensitive client information, such as financial data. This coverage helps mitigate the financial impact of loss of private information due to data breaches, cyberattacks, and related incidents.
Download Brochure

To apply...

Loading...

Contact

Loading...

Why Businesses Need Cyber Insurance

Protection from digital risks is no longer an option.

In today’s digital age, businesses face a growing array of cyber threats that can jeopardize sensitive data, disrupt operations, and damage reputations. Cyber insurance provides essential protection against these evolving risks, offering coverage for everything from data breaches and ransomware attacks to network failures and system hacks.

Cyber insurance is no longer just a precaution – it’s a vital component of a comprehensive risk management strategy. By securing this coverage, businesses can ensure they’re equipped to handle the financial and operational fallout of digital threats, helping them recover faster and maintain trust with customers and partners.

Cyber Insurance Coverage Details

Network and Information Security Liability
Coverage for defense costs and damages from liability to a third party resulting from a security failure, data breach, or privacy violation.
Regulatory Defence and Penalties
Coverage for defense costs and regulatory fines and penalties resulting from a security failure or data breach (subject to applicable law).
PCI Fines and Assessments
Coverage for PCI fines or assessments made against a policyholder resulting from a security failure or data breach.
Funds Transfer Liability
Coverage for defense costs and damages from liability to a third party for fraudulent transfers of funds owed to another party resulting from a failure in the policyholder’s security.
Multimedia Content Liability
Coverage for defense costs and damages from liability to a third party for multimedia wrongful acts, such as infringement, defamation, or piracy.
Technology Errors and Omissions
Coverage for defense costs and legal liability incurred from errors and omissions related to information technology products and services provided by the organization.
Miscellaneous Professional Liability
Coverage for defense costs and legal liability incurred from errors and omissions related to the insured’s professional services scheduled on the policy.
Funds Transfer Fraud, Personal Funds Fraud, and Social Engineering
Coverage for financial losses incurred from a fraudulent instruction or social engineering that results in a fraudulent transfer of funds.
Service Fraud including Cryptojacking
Coverage for the direct financial losses incurred as the result of fraudulent usage of business services resulting from a security failure.
Impersonation Repair and Phishing
Coverage for a policyholder’s customers’ losses and to help stop the ongoing impersonation of the policyholder to limit future losses.
Invoice Manipulation
Coverage for direct net costs (excluding any profit) for which a policyholder is unable to collect payment as the direct result of their customer being tricked into sending the payment to a fraudulent party.
Breach Response Costs
Coverage for costs to respond to a breach and help you recover, including incident response, customer notification, credit monitoring, and legal costs.
Cyber Extortion (Ransomware)
Coverage for costs to respond to an extortion incident, up to and including payment of a ransom demand.
Computer Replacement and Bricking
Coverage for the costs associated with replacing computer hardware whose integrity has been permanently altered by malware.
Bodily Injury and Property Damage - 1st Party
Coverage for losses resulting from bodily injury or damage/impairment to physical property, as well as damages resulting from any liability the policyholder may have to a third party, including regulatory fines & penalties and pollution liability.
Bodily Injury & Property Damage - 3rd Party
Coverage for defense costs and liability incurred when a security failure results in physical damage or injury.
Pollution
Coverage for defense costs and liability incurred when a security failure results in the release of pollutants.
Reputation Repair
Coverage for advertising, media purchases and consulting costs to help preserve customer confidence and protect the policyholder’s brand reputation.

Professions we insure.

“McGowan Professional has been one of the easiest companies to work with. This year Fruci & Associates, PS acquired a subsidiary firm that performs PCAOB audits and attest services, which is work outside of the scope of our current accountants professional liability coverage.

Accountants & CPAs

Bookkeepers

Investment Advisors

Lawyers

Frequently asked about Cyber Insurance

Cyber threats are one of the biggest risks facing modern businesses. Cyber insurance helps cover the costs of a cyberattack and gives you tools to prevent one from happening. It includes access to experts, monitoring, and support that traditional insurance doesn’t provide.

Financial services handle large volumes of sensitive data—like social security numbers, bank info, and financial records. That makes them high-value targets for cybercriminals.

Not all policies are the same. Look for one that covers:

  • Evolving digital threats
  • First- and third-party losses
  • Data and system damage
  • Business downtime
  • Regulatory fines and lawsuits

A good policy should also include ongoing risk monitoring and proactive security alerts.

Cyber insurance can help protect your business from:

  • Data breaches
  • Cyber extortion (ransomware)
  • Business interruption
  • Funds transfer fraud
  • Business email compromise (BEC)

Very. In 2022, cybercrime losses exceeded $10.3 billion. The average cyber insurance claim was around $100,000, and small businesses saw average claims of $71,000. Attacks are happening more often—and they’re getting more expensive.

From Our Learning Center
Instagram Linkedin Facebook
© 2025 McGowan Professional. All rights reserved.