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If you have data stored on a cloud-based system or even if you just have a computer with slightly outdated software, then your data and your business could be at risk from cyber-crime; protect it with cyber liability insurance.
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Cyber risk insurance (also known as cyber liability insurance or cyber security insurance) is a type of liability insurance that protects your business and its data against cyber-crime, and the potential fallout of a cyber-crime attack.
When data is stolen or a computer system is breached, the company could suffer in many ways. Not only would you have to pay the cost it would take to repair a system but, sometimes, hackers ask for a ransom to return the stolen data and this can cost thousands. The day-to-day running of the business may also be interrupted as a result of the cyber-crime, which would cause a loss of income that could be substantial. Further to this, your company could suffer from damage to its reputation if your customers perceive their data as vulnerable in your care.
Cyber risk insurance can help by providing pay outs to help with the cost of damage repair, ransom payment (if appropriate) and some policies will even cover you for loss of income after a cyber-crime.
Almost all modern companies use information technology (IT) and computers every day to carry out integral parts of their business. If your business would struggle to continue as normal without your IT system, then you should definitely consider investing in cyber risk insurance. The cost of a cyber-crime attack can range from £65,000 for a small business up to well over £1m for larger corporations so if you don’t have the right level of cover, then you could be leaving your business vulnerable to an expensive recovery process.
Many business insurance policies may provide some cover for cyber-crime, but as more and more business owners realise how damaging cyber-crime can be, many of them are opting for specialist cyber risk insurance policies as well to ensure that they have the right cover.
Cyber liability insurance policies will provide the extensive cover you need in the event of a cyber attack. They will generally cover losses which are a result of damage to, or loss of information from, computer systems and networks. Some policies will also provide expert support and assistance, which can be a great help as many business owners don’t consider themselves to have the necessary skills to get back up and running following a cyber-crime incident.
The level of cover you receive will vary depending on the policy you choose and how much you choose to spend. Our insurance experts are available to talk to on 03333 440 129, and they can advise on the type of cyber security insurance that would be best for you.
As the director of a start-up marketing agency, I’m too busy to spend a lot of time researching all of the insurance policies we need, let alone finding time to search for the best cover. When I spoke with Gareth, he was incredibly helpful. He explained to me exactly what I need and then found the best policies for the business, its directors and employees. Now I know that the business and its assets are protected, whatever happens. I would highly recommend Gareth, Darren and the rest of his team.