What is Cyber Insurance?
Cyber Insurance, commonly known as Cyber Liability Insurance is a product to support and protect your business in the event of a Cyber Breach or malicious Cyber attack. In addition to Cyber Liability it is strongly recommended that a product is chosen that includes Cyber Crime which protects you should you be deceived into transferring money or goods or incidents such as telephone system hacking.
Does my business need Cyber cover?
If your business relies on your website or computers to run your business then the answer is Yes. With the best IT security, you are still vulnerable to attack and no manner of IT security can mitigate human error. 1 in 3 UK small businesses have already fallen victim to Cyber-crime and this number is only going to increase, you should therefore protect your money, reputation, disruption to business and regulatory fines that could be imposed. A data breach could be caused by a hack of your website but it is a wider issue than that. Breaches could just be caused by the ‘stupid mistake’ such as the unencrypted laptop containing personal information being left on a train or the failure to properly dispose of confidential waste containing personal information which then turns up on a rubbish tip.
What does Cyber Insurance cover?
- You are 9 times more likely to be a victim of cyber crime than burglary
- Average cost is around £3,000 per business per cyber crime
- 2018 UK Government survey found 43% of businesses and 19% of charities reported cyber breaches in previous 12 months.
Each product varies but a typical policy will cover: Breach Costs, Cyber Incident Response, Client Notification and Credit Monitoring, Regulatory Costs, Forensic Costs, Hacker Damage, Business Interruption, Reputational Harm, Privacy Liability, Extortion, IP rights infringement, Defamation, Property Damage. If Cyber Crime cover is also selected this would cover theft of funds, social engineering, phishing, fund transfer fraud, telephone hacking, corporate identity theft.
Don’t leave it to chance and think it will never happen to you, it will, so be prepared and contact us now for full details and a no obligation quotation.