Cyber Insurance Designed for Modern Risk
Cyber Insurance, also known as cyber security insurance or cyber liability insurance, protects both individuals and organisations against monetary damages resulting from cyberattacks, data leaks, and various technology-related risks.
GET A QUOTE
Why Should My Business (or Myself) Consider Cyber Liability Insurance Now?
Let’s face it. We live in a digital world, and the value of our digital assets is growing at unprecedented rates. Data and information have become the new “liquid gold”, and the rise of attackers to steal or compromise these assets is on the rise. These attackers, often referred to as “threat actors”, spend full time trying to change their tactics, find loopholes into your system, and hold you “hostage” in their favor. And now, with AI in full effect, the threat actors are often not even human! All of these forces can cause you and your business significant claims, potentially reaching into the hundreds of millions and billions of dollars, which is not uncommon. This is why having cyber liability coverage is essential for protecting and safeguarding your digital assets.
What Is Cyber Security Insurance?
Cyber security insurance is a type of coverage that protects us from online hazards, such as cyberattacks, data breaches, ransomware, phishing scams, cybercrime, etc. It helps businesses manage and mitigate the financial impact of incidents affecting IT systems, data management, and information protection.
In order to understand Cyber Insurance better, we need to start by understanding the difference between the two core cyber insurance coverages– first-party and third-party coverages. First-party coverage helps the business to respond to the data breaches on the company’s private network or systems, whereas the third-party coverage addresses the liability your business may face if other parties outside of the organisation are harmed by the cyber incident.
Contact us
Cyber Liability Coverage
As mentioned above, the cyber insurance policy has coverage segmented into a couple of categories. One category is called First Party Coverage, which covers losses to your business. The second category is called Third-Party Liability, which covers losses to other parties.
First-Party Cyber Coverages (Safeguarding Your Business)
First-party cyber liability insurance coverage helps businesses recover operations, restore data, and manage the financial crisis as part of a comprehensive cyber incident recovery process. Cyber insurance policy addresses the direct costs your business faces when a cyber incident occurs. Common First-Party Coverages Include:
01 Data Breaches and Incident Response
Breach response services help pay for forensic investigations, legal advice, notifying customers and regulators, credit monitoring, and running call centres. You also get PR support to help manage the crisis.
02 Data Restoration & System Recovery
Lost or corrupted data? This covers the work needed to repair software, restore databases, or even rebuild stuff in the cloud.
03 Business Interruption & Extra Expense
This type of cyber insurance coverage helps in case the business is on the verge of shutting down. For example, it can help replace lost revenue and cover things like overtime, rental gear, or expert help. If a key vendor gets hit and you’re affected, that’s covered too.
04 Cyber Extortion & Ransomware
Worried about ransom demands? Don’t be—we’ve got you covered. Cyber risk insurance coverage can help businesses handle ransom negotiations and payments, but only if it’s allowed by law. It also supports cryptocurrency transactions and helps you respond quickly when an incident happens.
05 Digital Asset Damage
Do your websites, databases, apps, or proprietary software get damaged? This pays for repairs and restoration.
06 Cyber Crime
This coverage includes criminal, fraudulent, and socially engineered events such as:
Funds Transfer Fraud (Fraudulent Wire Instructions).
This type of coverage protects unauthorised or fraudulent electronic transfers initiated by hackers.
Social Engineering Fraud (Impersonation Schemes).
This coverage covers losses caused when employees are tricked into sending money or sharing sensitive information.
Phishing-Induced Financial Loss.
This coverage includes financial loss when the network is first compromised, which then leads to stolen funds (e.g. fraudulent wire transfers) or theft of intellectual property.
Invoice Manipulation.
It includes losses due to cyber attacks, where fraudulent invoices are used to redirect payments.
Cryptocurrency Theft
Covers losses against loss of digital assets that are hacked or attacked through social engineering.
Third-Party Coverages (Protection Against Outside Claims)
Third-party cyber liability insurance coverage protects your reputation and financial stability when clients, vendors, regulators, or other outside parties hold you responsible for a cyber incident. Common Third-Party coverages include:
01 Network Security Liability
This coverage covers claims of negligence in case of a security failure at your company, leading to a data breach or malware infection.
02 Privacy Liability
In case your clients’ personal or confidential information gets leaked, then this liability comes into play. It also covers violations of privacy laws like GDPR, CCPA, or HIPAA.
03 Media Liability
Media Liability coverage protects the business against issues like copyright or trademark disputes and conflicts over online content, as well as claims of libel, slander, or defamation related to digital material.
04 Regulatory Defense, Fines & Penalties
This coverage covers, where allowed by law, legal defense costs for regulatory investigations and also pays eligible fines and penalties.
Work with a NYC Cyber Insurance Broker — Serving New York City and Businesses of All Sizes Nationwide
Ready to protect your business against cyber threats? Contact us – we have hundreds of specialists for businesses of all sizes and industries!
Contact us
Who Needs Cyber Insurance? Essential Coverage for Businesses of All Sizes
Cyber attacks are a lucrative industry for threat attackers, putting businesses of every size at risk of an attack. Hackers target everyone, no matter the size of your business. Today, businesses of all sizes, whether small or big or global companies, face growing cyber risks. These include data breaches, ransomware, phishing scams, fraud, and system outages.
Small and Mid-Sized Businesses (SMBs)
SMBs might be the most targeted by cyber threat actors. Here is why. Firstly, hackers know these companies often don’t have sophisticated cybersecurity measures or deep IT infrastructure. Secondly, these businesses still have enough “meat on the bones” to make it worthwhile for a cyber threat actor to invest the time to attack the business. Thirdly, SMBs often lack cyber liability insurance to mitigate an attack – and as shown below, the insurance company is the quarterback to orchestrate a response. These are some of the drivers of why SMBs should really consider cyber liability coverage as a necessary item in their portfolios. One attack can literally wipe out the company into bankruptcy. This is where cyber insurance comes in. If something goes wrong, it can help cover the costs of recovery, legal fees, and lost income while your business is down.
Large Enterprises and Corporations
Big companies face their own set of challenges. While their security measures are more sophisticated than SMBs, they store much more data, have more complex networks, and there is usually more collateral damage to customers and partners. When something goes wrong, everyone finds out. All of this can lead to lawsuits, fines, and reputational damage. Cyber liability coverage helps protect them in dealing with a lawsuit, a regulatory investigation, or a major operational disruption.
How Cyber Insurance Brokers Supports You During a Cyber Insurance Claim
When threat actors attack a business, a whole team of cyber risk insurance experts work together to make sure the response is compliant, fast and effective. Here is a look at who is typically on your side:
The Cyber Insurance Company (Carrier) – Your Command Centre
Your insurer is the main coordinator. They run a 24/7 hotline, take your claim and assign breach coaches. They also approve response costs and oversee the whole process from the first response all the way to the final recovery. They pay out for covered losses, whether you’re dealing with your own damages or claims from others.
Breach Coach (Specialised Cyber Attorney)
A cyber-savvy lawyer, often referred to as a breach coach, leads the process. They provide legal strategy advice on regulations, help protect attorney-client privilege, and also coordinate the response team. They are basically your main guide through the legal and regulatory maze, and your frontline communicator with regulators and law enforcement.
Digital Forensics and Incident Response (DFIR) Team
These are your cyber risk insurance’s firefighters, providing forensic investigation coverage when you need it most. These firefighters act fast to stop the attack, contain the damage, figure out how hackers got in, see what they touched, and get your systems back on their feet.
Ransomware Negotiators and Cyber Extortion Specialists
When an extortionist asks for a ransom, these negotiators and cyber extortion specialists talk to the attackers. They try to lower the ransom, help you weigh your options, make sure any payment is legal and safe, and loop in law enforcement when needed.
Data Restoration and IT Recovery Firms
These experts focus on getting your data and IT systems back on track by rebuilding digital files, restoring backups, and repairing hardware.
Specialised Legal Counsel
Sometimes you need more than just the breach coach. The insurer can bring in other lawyers to handle privacy issues, regulatory headaches, lawsuits, or contract disputes, while also helping cover legal and notification costs associated with the incident. Cyber insurance brokers can also coordinate these resources and advise on coverage.
Notification, Call Centre, and Identity Monitoring Vendors
During the breach, it is common that clients’ personal data is at risk. So, the insurers, with the help of these vendors, notify the affected individuals, set up dedicated call centres, provide credit and identity monitoring, and assist with fraud resolution.
Public Relations and Crisis Communications
A cyber incident can hurt your reputation. In order to help protect your brand and reassure customers and investors, PR experts craft messages for clients, the press, and social media.
Cybersecurity Hardening Specialists
After the smoke clears, these experts step in to strengthen your security, patch vulnerabilities, and help prevent future attacks. Sometimes, cyber liability insurance coverage even helps cover the cost of these upgrades. Cyber insurance brokers can help ensure these services are covered under your policy.
Accounting and Loss Measurement Experts
If you lost money or had extra expenses, these accountants document everything and calculate your losses so your claim is accurate and fully covered.
Third Party Claims Defense
After a data breach or cyber attack, it is more likely that a customer or partner might sue your business. In such cases, the insurer brings in defense attorneys and litigation experts to protect your interests.
Covered stolen funds (subject to policy terms), paid for forensic investigation, and funded incident response support
Covered ransom negotiation and payment, paid for data restoration and system recovery and covered lost income during downtime
Covered breach notification costs, paid for credit monitoring services and covered legal defense and settlements
Covered legal defense costs, paid damages and regulatory expenses
Covered financial loss, funded forensic analysis and provided legal and recovery support
Work with Cyber Insurance Broker — Serving NYC and Businesses of All Sizes Nationwide
Are you confused about your cyber security risks? Let our experts assess your cyber risk. Get a cyber insurance quote today.
Contact us
Why Choose Prana Risk as Your Cyber Insurance Partner
At Prana Risk (based in NYC), we bring together a team of 100+ dedicated cyber specialists with hands-on experience across industries and business sizes. We understand that cyber insurance is one of the most complicated and rapidly changing areas of commercial risk, and we are committed to guiding you through every step, from assessing your unique vulnerabilities to advocating for you in the event of a claim.
What Sets Us Apart
Deep Expertise and Industry Knowledge.
Our 100+ specialists know the latest cyber threats and how they impact businesses just like yours. We align your coverage with your real operational risks, not just what is on your application. As cyber insurance brokers, we also guide you through policy options and ensure your coverage matches your needs.
Access to the Best Cyber Markets
We have the broadest market access to cyber insurers, underwriters, and partners, giving you access to more competitive pricing, broader coverage, higher limits, and carriers not available to general insurance brokers.
Sharp Eye for Coverage Gaps
Cyber policies are never one size fits all. We dig deep into the fine print and spot crucial differences that others might miss, such as ransomware sublimits, voluntary transfer fraud, or nuanced definitions of business interruption and system failure. This helps ensure your business cyber insurance meets your specific needs.
Guidance to Meet Security Requirements
We know what underwriters demand, from multi-factor authentication to endpoint detection. We help you understand which controls matter, which ones can be negotiated, and how to demonstrate your security posture for the best results.
Advocacy During Claims
Our involvement does not end at placement. If you face a cyber event, Prana Risk stands by you through forensic investigations, negotiations, regulatory notifications, and business interruption calculations. If there is a dispute, we are your advocate
Benchmarking and Limit Analysis
Our recommendations are based on real-world loss data and industry benchmarks, so you know your coverage and the limits are tailored to your actual exposure.
Custom – Tailored Solutions Tailored to Your Business and Sector
Cyber risk looks different in every business and industry. Wherever you operate, be it in finance, healthcare, manufacturing, retail, technology, or education, we build customised cyber risk insurance coverage around your business and sector’s specific needs and regulations.
Up-to-Date Threat Intelligence
We keep a track of new and emerging cyber threats. From ransomware and supply chain attacks to social engineering and changing regulations, you stay one step ahead of attackers.
Support with Risk Management and Vendors
We provide support with multi-factor authentication, endpoint protection, incident response, and vendor selection, and also connect you with trusted partners, helping you qualify for better coverage and premiums.
Strategic Submission Preparation
We know how to present your cybersecurity maturity to underwriters to improve your premiums, coverage, and eligibility for higher limits.
The Prana Risk Difference
Choosing Prana Risk isn’t just about getting an insurance policy. It’s about working with a team that helps you understand your risks, get the right cover, meet security requirements, and support you if you ever need to make a claim. With cyber threats becoming more common, having cyber insurance and people who know what they’re doing can create a huge difference between a manageable incident and a business-altering loss.
Cyber Insurance FAQs — Prana Risk
Why does my business need cyber insurance?
Every business, whether small or large, that uses emails, stores customer data, accepts digital payments, or relies on technology, is exposed to cyber risk. These risks result in severe financial losses, legal liability, regulatory fines, and business interruption. This is the reason why most businesses need Cyber insurance policies, which help you recover quickly and cost-effectively.
What are the regulatory requirements for Cybersecurity in New York?
The Department of Financial Services in New York have established strict regulatory requirements mandating cyber security and insurance requirements known as 23 NYCRR Part 500. More regulation is expected in New York and other states.
What does cyber insurance cover?
Business Cyber Insurance typically covers data restoration, business interruptions, cyber extortions, cybercrimes, breach notifications, and incident responses. It also covers claims from customers, vendors, or partners alleging damages due to a breach or security failures.
Does cyber insurance cover ransomware?
Yes, most cyber insurance policies do cover ransomware coverage. These coverages may include ransom payments, negotiation assistance, forensic investigation, system restoration, and business interruption costs. Coverage depends on underwriting and policy limits, which means the insurer reviews the business details and evaluates business risks and then sets limits on how much can be paid for covered claims.
Is cybercrime covered under cyber insurance?
Yes, cybercrime is covered under cyber insurance policies, though some insurers require it as an add-on.
How does Prana Risk help me choose the right cyber insurance policy?
After we are done evaluating the industry, the revenue, security controls, and the regulatory requirements, we compare policies, negotiate terms, and ensure your coverage aligns with your actual risk profile, so you’re not underinsured or overpaying.
Which sectors are most in need of cyber insurance?
Finance, healthcare, law, retail, e-commerce, technology, SaaS, education, and hospitality are the sectors that most need cyber insurance. But regardless of size or sector, every company is impacted by cyber risks.
How much does cyber insurance cost?
The size of the business, income, kind of data kept, industry, security controls like MFA, backups, endpoint protection, etc., claims history, policy limits and deductibles, and degree of exposure to cybercrime all affect the cost of cyber insurance or the premiums. Companies that have better overall security or provide extra safeguards, including credit monitoring services, are usually eligible for reduced premiums.
Are regulatory fines and penalties covered by cyber insurance?
Regulatory fines and penalties resulting from data breaches are typically covered by cyber insurance policies; however, coverage may differ, so it’s crucial to thoroughly examine your policy. We occasionally need to review the relevant laws, such as GDPR, HIPAA, or other privacy regulations.
What should I do if a cyber incident occurs at my company?
One should get in touch with their cyber insurer right away. In order to limit damage and make sure coverage is applicable, prompt reporting is essential.
Even with robust cybersecurity tools, am I still at risk?
Indeed, some risks, such as unidentified software flaws, staff mistakes, and sophisticated cyber scam can still get past your defences even with robust cybersecurity tools.
How can I use Prana Risk to obtain a quote for cyber insurance?
You can simply fill out our contact form with information about your company, cyber needs, etc., to receive an insurance quote for cyber insurance. After reviewing your information, our specialists will get in touch with you to talk about the next steps within one to two business days.
If I have a potential cyber claim or question, what should I do?
Please reach out to us right away. We usually respond in one to two business days. Please specify in your message any urgent issues, such as suspected ransomware events or active breaches, so we can prioritise the matter accordingly.
Does Prana Risk help when a cyber incident is ongoing?
Yes, we are available to assist you in the event of a live cyber event. In order to contain the attack as soon as possible, we work with the insurance company to assist with breach coaches, forensic teams, recovery experts, and legal partners. It is strongly advised to make contact right away.
When I ask Prana Risk for a quote, what details should I include?
Please include the following details when requesting a quote from us: company name, the kind of data you store, the cybersecurity measures you currently have in place, any previous incidents or breaches, and any particular coverage requirements (ransomware, cybercrime, business interruption, etc.) This helps us match you with the right cyber insurance policies.
Does Prana Risk assist small and startup companies?
Yes, we work with businesses of all sizes, from large corporations to early-stage startups.
Can Prana Risk assist me in determining which cybercoverages I actually require?
Yes, in order to determine the appropriate coverage and get rid of superfluous extras, we conduct a needs assessment.
Will my current cyber insurance policy be reviewed by Prana Risk?
Yes, we examine your current policy to find coverage gaps, out-of-date limits, and missing endorsements for things like business interruption, cybercrime, and social engineering.
How does Prana Risk choose which insurance companies to collaborate with?
We collaborate with respectable, financially stable insurers that are renowned for their quick claims processing, extensive coverage, and cutting-edge cyber capabilities. Suggestions are always based on what best suits the risk profile of your company.
When I send a request to Prana Risk, is my data secure?
Yes, don’t worry. Every piece of information you submit is kept private. To protect your information and use it only for evaluation and consultation, we adhere to stringent privacy and data protection procedures.
Do you do business in NYC or nationwide?
Yes, Prana Risk is headquartered on Wall Street, New York City and conducts its business nationally as well.
Contact Us for a Cyber Insurance Quote
We promise not to spam you!The best way to get in touch is to complete the form on this page for a no-obligation quote or policy review. This allows us to do some preliminary research and helps with a more productive conversation.
By completing the form, you give us permission to reach you as needed by email, phone, or text to discuss your insurance needs. We are mindful of our communication with customers, and we promise not to spam you!
