Commercial Services
Cyber Insurance
Protect your business from data breaches, ransomware, phishing attacks, and cyber extortion. With the average data breach now costing nearly $5 million, cyber insurance isn't optional — it's essential.
$4.9M
Avg. data breach cost
The Threat Landscape
Cyber Attacks Are Growing in Frequency and Cost
Every business that stores customer data, processes payments, or relies on digital systems is a potential target. Small and mid-sized businesses are increasingly in the crosshairs.
880K+
Cybercrime complaints filed with the FBI in 2023
44%
Of all breaches involved ransomware in 2024
60%
Of large cyber claims driven by ransomware
78%
Of companies that paid ransom were attacked again
Coverage Highlights
What Cyber Insurance Covers
Cyber policies are split into first-party coverage (your direct losses) and third-party coverage (claims others bring against you). A comprehensive policy addresses both.
First-Party Coverage — Your Direct Losses
Data Breach Response
Covers the immediate costs of responding to a breach — forensic investigation, notification of affected individuals, credit monitoring services, call center setup, and public relations to manage reputational damage.
Ransomware & Cyber Extortion
Covers ransom payments (where legally permitted), negotiation costs, and the expense of restoring encrypted systems and data. Includes access to specialized ransomware response teams.
Business Interruption
Reimburses lost income and extra expenses when a cyber attack disrupts your operations. Covers the revenue you would have earned while your systems are down or being restored.
Data Restoration
Covers the cost of recovering, restoring, or recreating data that was destroyed, corrupted, or encrypted during a cyber event. Includes system rebuilds and software reinstallation.
Funds Transfer Fraud
Covers direct financial losses when employees are tricked into transferring funds through social engineering, business email compromise (BEC), or fraudulent payment instructions.
Crisis Management
Covers public relations, communications consulting, and reputation management costs to minimize the brand and customer trust impact following a publicized cyber incident.
Third-Party Coverage — Claims Against You
Privacy Liability
Covers defense costs, settlements, and judgments when customers, clients, or employees sue you for failing to protect their personal information after a data breach.
Regulatory Fines & Penalties
Covers fines, penalties, and the cost of responding to investigations from regulatory bodies. Includes defense against actions under state privacy laws, HIPAA, PCI-DSS, and other frameworks.
Network Security Liability
Covers claims from third parties whose systems or data were compromised because of a security failure on your network — such as transmitting malware to a client or vendor.
Media Liability
Covers claims of defamation, copyright infringement, or invasion of privacy arising from your digital content — website, emails, social media, and online advertising.
PCI-DSS Assessment Coverage
Covers fines and assessments imposed by payment card brands (Visa, Mastercard, etc.) if a breach compromises cardholder data and you are found non-compliant with PCI standards.
Class Action Defense
Covers legal defense costs when data breach victims pursue class action litigation against your business. Data breach class actions are increasing in both frequency and settlement size.
Who Needs Cyber Insurance?
If your business stores customer data, processes payments, or depends on digital systems to operate, you need cyber coverage. Industries with the highest exposure include:
Healthcare & medical practices — HIPAA compliance and patient data
Financial services & accounting — sensitive financial records and transactions
Retail & e-commerce — payment card data and customer information
Professional services — client confidential data and intellectual property
Manufacturing — operational technology and supply chain systems
Real estate & property management — tenant PII and financial records
Construction & contractors — project data and payroll records
Without Cyber Insurance, You Risk
Paying breach response costs out of pocket — forensics, notification, and credit monitoring alone can exceed $200,000
Losing weeks or months of revenue while systems are down after a ransomware attack
Facing regulatory fines and investigations with no coverage for legal defense
Defending class action lawsuits from affected customers with no policy to cover settlements
Permanent reputational damage and lost customer trust with no crisis management support
Common Threats
Cyber Attacks Your Policy Should Cover
Ransomware
Malware that encrypts your files and systems, holding them hostage until a ransom is paid. The top driver of cyber insurance claims, accounting for 60% of large loss values.
Data Breaches
Unauthorized access to sensitive customer, employee, or business data through hacking, credential theft, or system vulnerabilities. The most frequently reported cyber loss event.
Business Email Compromise
Social engineering attacks where criminals impersonate executives or vendors to trick employees into transferring funds or sharing sensitive information. Over $17 billion in losses reported.
Phishing & Social Engineering
Fraudulent emails, texts, or websites designed to steal login credentials or deploy malware. Remains the leading initial attack vector for ransomware and fraud incidents.
Why Knox for Cyber Insurance?
We help businesses of all sizes find the right cyber coverage by comparing options across multiple carriers.
Multiple Carrier Access
We work with carriers that specialize in cyber risk across industries — from standalone cyber policies to endorsements on existing packages. More options mean better coverage at competitive rates.
Right-Sized Coverage
A 10-person accounting firm has different cyber risks than a 500-employee retailer. We tailor your policy limits, retentions, and endorsements to match your actual exposure.
Claims Support
When a breach happens, time is critical. We help you activate your policy's incident response resources — forensics teams, breach counsel, and notification services — immediately.
Risk Assessment
We help you understand your cyber risk profile before you buy. Better security controls can lower your premium and improve your chances of getting the coverage you need.
Protect Your Business from Cyber Threats
Free quotes from multiple carriers. We'll assess your risk profile and find the right cyber coverage for your business.