Cyber Insurance for Businesses
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Statistics show that the take up of Cyber Insurance among small or medium sized enterprise is still very low, despite the widespread coverage in the press about the danger to businesses of a Cyber-attack.
This could be due to a lack of understanding of what a Cyber insurance policy can do for you, or simply viewed as another unwelcome insurance cost. In reality, a cyber incident is more likely than a fire, theft or liability claim for many businesses, and should be considered a priority cover.
Cyber insurance is ever evolving and with policies now providing comprehensive cover, premiums start from as little as £100.
Things to remember
- IT Systems are now critical to operating most businesses
- Cyber criminals are getting increasingly sophisticated in exploiting businesses
- Data is one of your most important assets, and you can be held liable and face penalties if you lose third-party data
- If you suffer a data breach, notifying your clients can be costly
- Portable devices increase the risk of data loss and theft
- Businesses often have poor controls in place to manage employees Social Media usage
- Most cyber incidents are due to some sort of human error or intervention – having comprehensive IT security in place does not eliminate the risk
- Reputation is probably your most important asset – how you react to an incident could be critical to the future of your business.
- Everyone needs to be aware of how to prevent cyber threats - keep all employees up to date with the latest risks, solutions and qualifications.
Specialist Cyber Liability, Data and Crime policies cover the following:
- Repairing and restoring your systems after an attack, including loss of income
- Costs of notifying your customers that you have suffered a data breach
- Claims from customers for allowing their confidential data to get into the hands of others
- Claims from other parties for transmitting a virus onto their systems
- Crisis management and reputational damage costs
- Costs for accusations of defamation and infringement of Intellectual Property rights
- Cyber theft and ransom demands
- Phishing scams and fraudulent funds transfers
Cyber insurance policies step in straight away – speed is of the essence. If you are not insured, who would you turn to in the event of an incident?
Not all policies are the same – if your business insurance provider is adding Cyber cover to your policy for an extra £50, you probably will not be fully protected. Make sure you have the right cover in place for the level of risk your business would be exposed to.
If you have any questions about how to improve your cyber security, or would like to discuss arranging cover for your business, contact us on 01285 885885 or leave us a message using the form below. We’ll be more than happy to help.