Cyber Insurance FAQs

Cyberattacks are no longer just a problem for large businesses. Today’s ransomware groups and phishing campaigns frequently target small and mid-sized businesses. In fact, Microsoft found that 1 in 3 SMBs experienced a data breach in the past year, and that it cost an average of $254,445, but could also range into millions of dollars. With attackers increasing their focus on SMBs, cyber insurance can protect your organization from the devastating financial impacts of a ransom, downtime, and lost revenue, as well as the possible regulatory fines and damage to your reputation. 

Cyber insurance provides a critical financial safety net when the unexpected happens. It’s an essential layer of protection for any modern business, helping you recover quickly and confidently. 

Cyber insurance costs and coverage vary depending on your policy selections, but cyber insurance plans often help cover: 

• Ransomware & extortion demands
• Breach response and customer notification
• Business interruption from IT outages
• Legal expenses and regulatory fines
• Forensic investigation and incident response
• Third-part liability claims

It depends. Many cyber insurance companies evaluate your risk of a breach and require you to maintain minimum cybersecurity standards to be insured. They often have a list of specific security controls and/or outside testing that they want performed to assess your risk profile. 

But there are solutions for greater Indianapolis businesses. Our Toucan Technology Group managed IT services clients are eligible for cyber insurance discounts from our insurance partner! Why the discount? Because our insurance partner knows that Toucan ensures all our managed IT customers are using cybersecurity best practices, maintain strong protections, and have a proactive IT team or partner. Our services help your business meet—and often exceed—the requirements insurers look for, which reduces your risk and lowers your premium. Read on for more cyber insurance FAQs. 

Even the best tools can't guarantee total protection. Cyber insurance fills the gap, providing financial support when prevention fails and helping offset your recovery costs. 

Our managed services clients maintain strong, verifiable security postures. Our partner insurer knows that Toucan delivers proactive security management, regular patching, 24/7 monitoring, and best-in-class protection. That lowers the likelihood of a breach, which translates to lower insurance premiums through our partner program. If you are not a managed IT client, you are not eligible for this discount.  

Yes! We’ll guide you through the cyber insurance process, assess your current security environment, and work with our insurance partner to make sure your Greater Indianapolis business is fully prepared and properly covered. 

Without proper security controls in place, you may be denied coverage or face high premiums. Toucan helps eliminate that risk by implementing the exact protections insurers are looking for before you apply.